Do politicians read history? The causes and attempted cures for the Great Depression and today’s financial crisis are very similar. The causes of both were weak and poor banking practices and home foreclosures. The cures consist of throwing money at the problems.
Neither worked under President Franklin Delano Roosevelt. In 1937 we entered the “depression within the depression.” In 1940 the rate of unemployment was more than 15 percent. World War II saved the day.
We have bankruptcy laws. Use them. Give the economy a chance to cure itself.
Today’s approach will result in inflation and a massive tax increase for the middle class in 2010.
Welcome to socialism.
W. Waite Welker Jr.
I cannot understand why our lawmakers are rewarding incompetence and gambling and do not allow failing businesses to enter bankruptcy, just like any other U.S. company. Isn’t this S&L all over again?
Unfortunately, we have become a bankrupt, socialist society that relies on our government to take responsibility for our health, wealth, secondary education and even the raising of our children (just to name a few). We cannot afford to simply keep increasing taxes to pay for the entitlements of those who refuse to live within their means.
Life is about choices, and unfortunately we, as a society, are teaching our children that there are no negative consequences to those choices. Moreover, we are teaching them that if you want (not need) something badly enough, just put in on credit. No need to work hard and save. That may disqualify you from one of the thousands of entitlement programs offered by our generous representatives.