About today's QOTD: I know nothing of finances. One look at my accounts would tell you that. Obviously, I don't get it. That said, I'm not buying the urgency in the proposed bailout. Furthermore, I don't buy the premise. Ben Bernanke says "the economy will just not be able to recover in a normal, healthy way" if government doesn't step in. Nothing normal or healthy about that, either. I would surely like to hear more of the other side. What would happen if the market was just allowed to correct itself? No doubt there would be pain but it would be our pain, not the next generation's. Like they say in the movie, Philadelphia, someone "explain it to me like I'm a four year old".
Quote of the Day
If the credit markets are not functioning ... jobs will be lost, the unemployment rate will rise, more houses will be foreclosed upon, (growth) will contract, the economy will just not be able to recover in a normal, healthy way.
Ben Bernanke, Federal Reserve Chairman
Blog of the day here.
Quote from said blog: "Yesterday, it was Mark Cuban, owner of the Dallas Mavericks and chairman of HDNet who offered interesting insight. He suggested that the United States Treasury Department list every asset they buy within the $700 billion bailout plan and the price they intend to offer."
I was asking my friend Brian about the bailout today. He's the one I ask about stuff in the news that I don't understand. He doesn't understand it, either.
My guess at the moment is that those of us who don't understand it will pay for it and those of us who do understand it will benefit from it.