I have not used this blog before now to comment on political/economic stuff, but there seems to be far too much misinformation and fear and outright nonsense floating around out there, particularly in the news media, for me to forebear on this occasion. I do not begin to presume that I understand what is going on (does anyone really?), but it seems increasingly clear that many economists and politicians and media commentators do not.
Something President Franklin D. Roosevelt said in his first inaugural address in 1933 seems appropriate today: "The only thing we have to fear is fear itself."
AARP, which I happen to be a member of, invited me to comment on their blog about how terrible it was that Congress did not pass the bailout package yesterday. I respectfully disagree with the position implied in the question they posted: "Is failure to take action on the worst economic crisis since the Great Depression really an option?" This is what I posted:
"Let's be profoundly grateful that the bill did not pass yesterday. It was a very bad idea. There are saner ways to stabilize the markets without saddling taxpayers (that means us and our kids and grandkids) with such horrendous debt. My Republican representative voted for the bill, and he therefore does not get my vote this November.
"This is a great time to be investing. And it's simple really, something my parents taught me years ago: buy low, sell high. Stocks happen to be on sale right now. I wish I could afford to invest even more than I am right now."
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1 comment:
Actually your Republican representative voted against the bill. (Unless you've recently moved, that is... :-)
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