I’m not sure which failure is more significant – the failure of our banking and brokerage industries or our government. The fact that the public is willing to face the potential collapse of our economy rather than trusting our President and Congress to fix the problem is a public trust failure of epic proportions.
Let’s reconstruct the story. Less than three weeks ago President Bush tells us the economy is strong. Even as Congress agrees to bailout Fannie Mae and Freddie Mac, Presidential wannabe John McCain tells us the “fundamentals” of the economy are strong. Now they are telling us our economy will collapse and throw us into a “once in a hundred year” depression tomorrow if we don’t do something today.
Well, today came and the sky did not fall. And I’m still waiting to find those weapons of mass destruction in Iraq.