I am fully convinced that there isn’t a politician extant that has a clue what to do about the current economic melt down. That’s here, there and everywhere.
Think about it. One day a few months ago someone came up with the number: $700 billion. He, she, they threw out a few ideas about what to do with it. Early “winners” were AIG, Citi (twice I think) and a laundry list of banks. Since, we’ve had a series of plans, none of which got more than a day or two of thought by their proponents.
Then the circus stalled. We are all pissed because the Big Three auto makers want a shifting low eight figures in some shifting loans, lines of credit and other stuff, which may get them through the end of the year, quarter, or not.
The chief clowns flew the first time and drove hybrids the second time, the Ford guy stopping at Quiznos on the turnpike. The GM guy said something about how saving his company was a noble thing to do, or something else. The Chrysler guy did a great job with GE during the boom times and screwed up Home Depot when things were not so good.
Think about this. You are either in a deep world of doo doo right now, or not so much. Whichever category you inhabit, it may or may not be all, some or none of your fault.
So, why not let it all collapse, if collapse is where this thing is going? Use our public resources to pull those at the bottom of the heap out of the bottom of the pile. Let the businesses that don’t make economic sense fail. Put some more public money into economic policies that make some economic sense (run by people that can at least articulate a business plan).
If we bottom out and protect the really hurting people, where will we be? The houses and apartments will still be there, at prices that reflect what people are now earning. Cars will be there, again at prices that reflect the new economy. Etc., etc..
My thought is that while this isn’t isolated to just this country, we still have enough economic effect in the world to make this shifting of the economic base a world thing.
Then there are the geo-political implications. Iran, Russia, Venezuela, Saudi Arabia, dependant on a failed oil and industrial economy, do not have the influence they would have hoped to have wielded. North Korea is still the basket case it has always been. China is delayed, but still in the game.
I admit, I don't have a clue; but, we are mortgaging our and our kids futures on a crap shoot.
We’ve been drummed and drummed and drummed on the genius of the free market economy. Is it the time to let it work, saving our collective contributions to government largess for those who fall out during the time that it needs to work?