No quick fix: Market reaction shows this isn't a magic solution
There has not been much good news lately on the economic front -- even after the passage of the more than $750 billion stimulus bill.
Even an announcement of a plan to rescue foreclosed homes did not do much to make Americans jump up, click their heels and sing "Happy Days Are Here Again."
And the reason is -- aside from the doubts inherent in any government-concocted bailout plan -- that it did not take a year to get into this mess and it will not be fixed in a year either.
No matter how much government money we throw at the problem.
There will be more questions about the methods chosen by President Obama and his economic advisers -- and there should be. Had there been more questions asked and more accountability when the original rules were made for mortgages and other lending, we might not be dealing with a crisis of this magnitude. And while we are at it, we should scrutinize everyone who is now proclaiming him or herself an economic expert. What was their role in the original policymaking and what connections are they sporting now?
Time and calm are what is needed now to make a turnaround and to get Americans spending again. Supporting businesses -- which provide jobs -- is another great way to make sure families have the means to support themselves in this time of concern.
Americans need to prepare for the hard work ahead -- and be ready and willing to insist we change course if necessary.
Published in Editorials on February 20, 2009 10:58 AM