Sorry, for anybody anxiously awaiting another post from yours truly... I've been locked in on a never-ending e-mail debate with a friend of mine who hates it that Obama is continuously bailing out banks.
I really want to summarize some of my arguments (which I feel are getting more and more sophisticated as I'm learning more) and compose a blogpost, but I just haven't had time.
Just some quick thoughts, more later:
1) You can blame a lot of folks for this financial crisis, but the core blame really belongs to all of us, every single one of us. The fact is that we have incurred a lot of debt to the tune of 100% of our GDP. The last time we had this much debt you might ask? Yes, 1929. I know I have composed recently the idea that debt is good, and I stand behind that. But its good up to a point. Its good like desert is good, in small doses. Too much of it will kill us.
2) Our banks are in major trouble, basically the major banks are insolvent. But, the government has to find a way to preserve confidence in our banking system, and the best way he can do that (in my opinion) is to keep shoveling tax payer money into them. I just don't think now's the time to incur a Citibank bankruptcy.
3) I know two very depressing points. On the positive, I feel that we can really bounce back strong from this recession. And we have the president who can do it. We need to take this opportunity to make some significant changes. Thomas Friedman has a really nice op ed today right here. We just had stake conference today, and one comment from one of the speakers (a visiting General Authority from SLC) was that things are not going to be as they were. He talked about how we would need to learn to fix things rather than throwing stuff away... How we should learn to grow a garden, etc. Surprisingly, that's correlates quite nicely with Friedman's article.
4) Finally, yes, indeed Republicans are insane, I'm praying every day grateful we did not elect one for president:
Loved the thoughts here. The government is the only entity big enough to address the problems we are facing in our economy. The Republicans are in complete lala land on this.
I'm not saying this in the eyes of a partisan. I'm saying it because it's true. The leadership of the Republican party is insane.