While I’m off, I’m starting to catch up on some reading & saw this on the March 10 Opinion page of The Oakland Press:
Let me see if I have this right.
Our economy is in a mess because: People borrowed too much money and spent too much money; bankers lent too much money based on too little value; greedy financial wizards created meaningless credit defaults that they swapped for more money (lots more); and consumers were encouraged to borrow and spend more money (lots more).
Now, to fix this crisis: Government will borrow more money (lots more) and spend it; government will give more money (lots more) to banks so they can lend more money to people (who now have even less value than they did before, because the economy is in a mess); government wizards will create meaningless earmarks and put more money (lots more) in them; and consumers will be encouraged to borrow and spend again.
Would someone please explain how this plan will fix our messed-up economy? I just can’t seem to figure it out.
Tom G., Rochester Hills, MI
I think there are a lot of people asking the same questions, and why the current Administration is receiving a failing grade from leading economists.
And no, I didn’t write it, although I wish I did.