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Originally Posted by dellinger63
how about letting the market work it's own way out or at least cut back and save for the storm that's a coming. If you were in debt 20K last couple years and are now in debt 50K with less income coming in are you better off?
I forgot if you had a machine to make money you'd be OK.
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Right...that was really effective in 1929 wasnt it? It was even more effective in 2007.
The system locked up in 2007 and the fed's first reaction was to let the market work itself out. That didnt work and set the stage for the implosion of 2008.
Locked credit markets dont "work themselves out". Letting the market "work itself out" would have led to a total collapse of our financial system last fall. To their credit, Paulson and Bush at least understood what was at stake in the end and did what they could to stave off catastrophe regardless of how left leaning their policies ended up being.
At least the current administration can be lauded for wanting to help the people instead of merely big business like the prior admin's policies. One of the only things BOTH admins have in common is that neither attacks the REAL problem. Government invertention was unquestionably necessary...its the idea of what the government should be doing that is in question.