(ONNbusiness) -- After a year of an embattled market environment leading up to the events that transpired this past week, any logical student of the economy can't help but to wonder if this is the official end to capitalism as we once knew it.
On the eve before the "Wall Street bailout", financial markets are on the verge of being partially nationalized, with health care and the auto industry to follow. Its almost like we blinked one day and now we're here. Although most have been on the edge of their seats wondering were this down turning market would land us, no one could have told me a year ago that the government would have to seriously consider infusing Wall Street with $700 Billion. Sadly, it has become reality. We are literally at the mercy of the federal government begging for help, lest we experience the most widespread economic melt down in the history of the US -- so says Henry Paulson.
As many may know, I'm one of the most optimistic people in terms of the comeback of financial markets, but I'm shook up by the realism of a single Time article that parallels our current situation with that of Western European semi-socialist welfare states. The comparisons were real.
As we go forward waiting for the outcome of financials, I am humbled by these words: "One can only hope for the best even though the contrary seems inevitable."
1 comment:
I probably had too many $6.00 hamburgers this past weekend, no wait, uh $6.50...$7.259, etc...
I need a better ability to budget my money, but like the other 300 trillion americans, I just got a bad habit of wanting more and another bad habit of not working for it.
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