Is the writer for the New York Times having second thoughts about his once fully supportive voice that backed the Rescue bill? New York Times writer Joe Nocera adamantly addresses this question in his article posted on October 27th. Nocera acknowledges that he is worried about the exact plan the bill has for improving the economy; for instance, he fears its forceful cause of small banks having to merge with larger banks. How many more of these random symptoms are going to emerge due to the passage of the bill?
Let’s take a look at the Rescue bill’s affects on our economy so far. The stock market is and always has been an erratic game of fluctuating values. However, in the past months the stock market has not only reached unprecedented lows, but is continuing to decline even after the passage of the Rescue bill! Reports show that over the past two weeks has lost about $214 billion per day—in the grand scheme of things this is about $2.9 trillion overall. When looking at reports prior to the passage of the bill it shows that the stock market declined about $2.3 trillion. To many this may seem like the Rescue bill was pointless and a waste of our $700 billion. However, seeing that the decline in value of the stocks is absurdly high after as well as before the enactment of the Rescue bill points out the thought of what would our economy be like today if the Rescue bill had never been issued. Without the Rescue bill I believe that the stock market and the economy would be in an even more rapid decline.
We are a society of quick fixes. With a bleach pen, a travel sewing kit, anti-itch relief cream we don’t have to worry about anything. With the economy, a system that entails all of our families’ and friends’ financial successes in life, a quick fix is nowhere near possible. So…to all you people are getting frustrated with the slow outcome of the Bailout bill, or Rescue bill so you can sleep at night, get over it because it is a small stepping stone in a large process of repairing order to our economy.
3 comments:
I totally agree with you when you say that America is all about quick fixes. To be even more honest I would say that as long as our lives are not affect personally, most of us don't even know or seek out the problems that could affect. I guess ignorance is bliss. Do you think that as a nation we need to stop complaining about how much the stock market has dropped and cut our losses by moving on with life?
The Bailout Bill initiated more fear for the American consumers which resulted in more than matching the total loss of money; from $2.3 trillion before to $2.9 trillion now. The bailout has apparently not worked, or has not worked yet. Obviously these quick fixes have not given anything but negative results, What would you propose as a long term solution to this economic meltdown?
Dear duckblogger,
Thank you for your post! Yes, to a certain extent I believe that complaining gets you nowhere in life, even in economics. People need to not put all of their money in the stock market right now, obviously, and we all need to be conservative of our money while still being a consumer in the society.
Dear the brown man,
Thank you for your post! However, I disagree. The Bailout has not given "negative results"...without the Bailout bill, statistics show that our stock market would have dropped a much more significant amount. When you say that the Bailout bill "has not worked yet" what do you mean? Because one of its jobs was to circulate money back into the economy, and it has been doing just that. Also, it has definitely instilled a decent amount of faith in the banks' assets which has provided Americans with the ability to continue to take out loans. I am unsure as to what I would propose as a long term solution to the economic meltdown because I honestly don't think that there is one. Instead, I think that we should be focusing on small stepping stones towards improving our economy.
Thanks ya'll!
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