Monday, September 29, 2008


Well, the stock market plunged and it doesn't look like it's going back up any time soon. Several major corporations have collapsed or been sold out. And the Bailout did not pass. However, I'm not discouraged. Allow me to explain why.

First of all, the bailout. It is exactly this sort of mentality that you can do whatever you want, including the market equivalent of making bad bets, and not pay the consequences. It's the idea that had run much of our economy for the past few decades, and it's exactly what got us into this mess in the first place. Over regulating the market causes people to try and get around the rules, and often has horrible results for those involved, in this case not only the US, but all foreign investors and their markets. With this economic crisis the government and the people will hopefully learn a bit of responsibility and common sense.

As for the crash itself, in a sort of twisted way I find it heartening. It is when people go through the worst times that they learn their lessons best and often become much better as a result of it. The most obvious example on a grand scale is the previous great depression which brought the nation to its knees. However, the very next generation is often called the Greatest Generation. It was they who launched us into economic prosperity, and what some of us consider the moral equivalent, despite the horror of the war they endured.

These are the ideas that mix in my head as I consider the current events. However bad it gets, I am hopeful that it will result in a new generation, unlike any before it. I hope that others, despite their diverse worldviews, can join me in this hope.


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