You’re still in time to register for the first of two online values surveys, see ReadTheSpirit’s article on this project to learn more.
How are you feeling about the financial crisis today? The reasons for the crisis are still unknown. One panel of experts concluded that the crisis was caused by de-regulation combined with the creation of complex financial instruments, as I related earlier this week. See Monday’s post.
It’s not a closed case. We’re still trying to figure out what happened. Listen, for example, to yesterday’s NPR program, “Searching For Answers To Wall Street’s Debacle.”
Debates rage but Treasury Secretary Henry Paulson continues to move ahead with his rescue plan: he’s implementing a decision to invest directly in banks. In a move of historic proportions, the Treasury is investing $250 billion of taxpayer money in banks, buying their shares. Taxpayers, through the intermediary of the federal government, will now hold stakes in major financial institutions.
It’s the nationalization of the U.S. banking system—an anathema to those who believe in free market values.
Our unpopular president says it’s not so, claiming “this is an essential short-term measure to assure the viability of America’s banking system. These measures are not intended to take over the free market, but to preserve it.” That sounds like Orwellian doublespeak, but at least American taxpayers stand to benefit if these banks turn a profit
How do you feel about the U.S. Treasury’s latest move? Do you want your taxpayer money invested in large banks? Is it an essential move?
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