a 10-year trainwreck

Journalism doesn’t always communicate slow-onset stories very effectively:  global warming, environmental threats, risks to levees in New Orleans, to name a few (even if a lot of good reporting is done on these issues over the years it doesn’t punch through the fog.  There is no immediate attention-getting conflict that drives the news peg.  The best newspapers have warned of the current financial crisis, but no one paid much attention.  There was no money in it, and a lot of money in ignoring the problem.  My wife doesn’t like to go to the car repair shop, because it seems like they always find something wrong.  But wait until the car breaks down on the side of I-35 and we’ll happily pay any amount of money to get it towed off and fixed (more than if we had kept it in good repair all along).  That’s what $700 billion is going toward now.  See today’s column by Thomas Friedman on the connections between Wall St. and Main St.

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3 Responses to “a 10-year trainwreck”

  1. Monica Centeno Says:

    Friedman did an awesome job breaking down the current financial jam the economy is in, thanks to him I am able to grasp the situation much better than before.

  2. Dylan Clement Says:

    I would highly encourage everybody to read the article reached by the link. It explains the current economic crisis through a different (and logical) way: the Austrian school of economics (as opposed to the Chicago school supported by Henry Paulson and the like as evinced through the 700 billion bailout). Read it and become informed of a different perspective.

  3. Dylan Clement Says:

    Hmmmmm heres the link:

    http://network.nationalpost.com/np/blogs/fpcomment/archive/2008/09/29/bailout-marks-karl-marx-s-comeback.aspx

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