Sunday, September 28, 2008

Why is a financial meltdown such a bad idea?

Why is a financial meltdown such a bad idea?

Will people starve?  

Didn't the Great Depression result in the New Deal?

I can't believe we are being asked to spend over a trillion dollars to perpetuate the status quot.


mazenko said...

Hmmm. I don't want think I want to go there.

Your comment about the Great Depression is clearly from someone who didn't live through it. (Neither did I, by the way).

It is easy for people living amidst the greatest economic expansion and highest standard of living in history to not worry about what the Great Depression truly meant. My father, however, who is extremely fiscally conservative and works in finance, but who was born in 1935, feels quite differently, as he supports the bailout.

If a depression isn't truly a risk, the bailout might be a bad idea. But this isn't just Chrysler or LTCM. This is potentially a financial crisis of epic proportions. I've never lived at a time when credit truly dries up, and I have no desire to try it.

Parentalcation said...

The irony is that people who lived through the Depression always claim that it built character, taught them lessons, etc...

Doesn't our generation deserve a defining moment.

mazenko said...

My father often talks about the sacrifices he remembers from the Depression and World War II. Yet, he would never wish me to go through it, regardless of what it did for his character.

I certainly don't think you want to experience 25% unemployment. Granted, as a teacher, you're in a somewhat recession-proof job, and if you have any seniority, your union will protect you (regardless of whether you're a member).

If you worked in other non-government sectors, I imagine you'd be less inclined to give it a try.