Amidst Ruin, Bipartisan Rescue Required
On Sunday, Lehman Brothers filed bankruptcy. Bank of America purchased Merrill Lynch. On Monday, the Dow Jones Industrial Average plunged 504 points.
On Tuesday afternoon, the Federal Reserve neglected the benchmark interest rate. The Dow Jones Industrial Average soared 141 points. On Tuesday evening, the federal government rescued AIG. On Wednesday, the Dow Jones Industrial Average plunged 449 points.
On July 11, I stated the obvious. If President Bush, Congress, and the federal government did not act, the mortgage crisis would eviscerate our economy. Today, America’s scenario is scary.
These are my observations. AIG’s rescue was correct. Lehman Brother’s non-rescue was also correct. Fannie Mae and Freddie should be split. A homeowner’s protection program should be enacted. Finally, gargantuan alterations are required. Oversight, reform, and regulation are critical. America’s economy needs saving. The savior is irrelevant.
On Tuesday afternoon, the Federal Reserve neglected the benchmark interest rate. The Dow Jones Industrial Average soared 141 points. On Tuesday evening, the federal government rescued AIG. On Wednesday, the Dow Jones Industrial Average plunged 449 points.
On July 11, I stated the obvious. If President Bush, Congress, and the federal government did not act, the mortgage crisis would eviscerate our economy. Today, America’s scenario is scary.
These are my observations. AIG’s rescue was correct. Lehman Brother’s non-rescue was also correct. Fannie Mae and Freddie should be split. A homeowner’s protection program should be enacted. Finally, gargantuan alterations are required. Oversight, reform, and regulation are critical. America’s economy needs saving. The savior is irrelevant.
posted by Daily Observer at 8:40 PM
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