In the next two weeks markets would tumble, credit would freeze up, McCain would suspend his campaign, TARP would be voted down and then approved days later...
As a political-economy geek there is no period of time in decades to match the last two weeks of September 2008.
Unfortunately, I don't think most Americans realize how close we came to the abyss. Had TARP not passed and the Fed decided to go places it had never dreamed of going, we'd have unemployment today in the upper teens.
Once again, I thank God that Bush's one excellent decision was picking an expert on the Great Depression to be the Chair of the Federal Reserve. This guy acknowledged that the Federal Reserve had largely created the Great Depression and before he became chair he promised an old friend, "Never again."
So say we all.
I would say, that if you're going to say "so say we all" you can't say "I thank god" you say "thank the gods"....
ReplyDeleteYeah... I know... not helping my cause here.
True, I wasn't consistent, was I? And anyone else reading these comments is scratching their heads.
ReplyDeleteDon't worry; it's a geek thing.