We are now seeing a significant decrease in confidence regarding the reliability of the government with respect to financial crises. This has not happened in a long time. I do not recall that has ever happened on this scale in my lifetime. It happened from 1929 to 1932, but it has not happened since then.
This new outlook has blindsided the Federal government. All the assurances coming down from the Secretary of the Treasury prior to September 15 are seen in retrospect as blowing smoke. The critics who said that the crisis would get beyond the ability of the government control now appear to have been correct.
The government is running out of weapons in its War on the Economy and the futility and expense of this war is exceeding the futility and expense of the War on Terror and the War on Drugs.
No comments:
Post a Comment