Tuesday, March 3, 2009
Today, Chairman Bernanke asked Congress for the framework to handle the problem in the financial sector. From the HuffingtonPost: Bernanke asks Congress for "Nationalization" Framework; Graham Pushes Point. Please read it. And by all means, take the time to watch the video. You have to hear Bernanke yourself. And you have to hear Senator Graham (R) say he's willing to set aside ideology - yes, I nearly fell out of the chair I was so happy!
After all they have done - and never mind all the advice they have given the rest of the world - the United States does not have the tools to handle the problem? Who knew?
So, rather than oppose nationalization - which is what has been happening - is it not more logical to have called for the tools in the first place?
Or, is it that Chairman Bernanke et. al. knew that unless the markets tanked - I do try but the Dow is still below 7000 no matter what TV station I watch or what website I look at - that Congress would not be moved to do what needs to be done?
Whatever the case, for the love of mankind - literally - we have to have a functional global banking system. We have nothing without a functional global banking system. A stimulus, all the stimulus plans of all countries, all the grand budgets (and deficits) in the world, free trade - all of that comes to naught without a functional global banking system.
Please, do what needs to be done to make it work. And after it's working, let's document it as the next generation of textbooks and new ideology. Clearly what we have so far is just not it!