What We Didn’t Hear This Week

The banking crisis that developed from the credit crisis that developed from the sub-prime crisis has generated extraordinary actions and reactions on Wall Street and in Washington. The swift and decisive corrective actions of Treasury secretary Paulson and Fed Chairman Ben Bernanke have the presidential campaigns and the commentators on across the spectrum breathless trying to keep up.

 

I am an avid reader of the daily blogs and I do my very best to keep up with the latest commentary on all things national news and politics of the day. There are a wide variety of opinions on how we got into this mess, how we should get out, if the Treasury is doing the right thing…if the campaigns acted properly etc, etc.

 

But there was far too much heat and far too little light this week. I suppose a crisis always breeds panic. But unlike the shock of 9/11 which largely pulled Americans together, this crisis is pulling Americans apart. To watch everyone from Bill Moyers to John McCain tell it fat cats on Washington played fast and loose with borrowed money and got us into this terrible debacle. To listen to Barack Obama, and the leftist think-tanks tell it, if only for better regulation, and that darned Bush administration we never would have gotten into this mess in the first place.

 

What no one, neither candidate, and not even Hank Paulson himself has said is simple Thanks and we’re sorry. The American tax payer is about to be put on the hook for anywhere from $750 billion to $1 trillion dollars. Putting this on the balance sheet of the treasury department will just about double the national debt. A debt you and I, our children and grandchildren will continue to pay. So I would like to hear a word of thanks from the administration, from Wall Street, and from the talking heads. Thanks for being there, again, to bailout the heady traders and spenders of Wall Street, and to bailout the system that was left unregulated by those meant to ensure it would work.

 

Instead of solidarity across America to come together to deal with a crisis of our own making, we hear partisan shots fired across the bow, the call for firings of specific members of the administration-the blame game.

 

The candidate that stands on the stump and says that this problem is deeper and more complex than any of us really understand. That our lust for cheap money both on Wall street and on Main street got us into this mess and we’re really not sure how we’re going to get out-but that in the end, the ingenuity, hard work, and national pride we all share will get us through these dark days and on to a brighter future, might not win the election, but they will win my respect. The truth is this problem is so wide and so complex that only the contributions of generations of hard working Americans can save what Wall Street and Washington have wrought.

 

When will the little guy get the respect for being the white knight? When will we get our due?

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One Response

  1. I recently came accross your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog.

    Tim Ramsey

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