Those who don’t remember history…
…are apparently condemned to a life in politics.
Lately I’ve been on an NPR kick, listening to the news and such on the way to and from work. Normally I can’t take this too long; after a few days, I tend to think I may just have Considered All Things, and want to go back to ignoring most of them.
But anyway, the news lately has been Treasury Secretary Paulson’s proposed “bailout” of the financial industry to the tune of $700 billion dollars. Wow. One NPR correspondent made the understatement about how this “demonstrates a certain lack of understanding how we came to be in this predicament in the first place.” Indeed! Why should the American taxpayers borrow this incredible amount just to pay off banks who went overboard trying to get people to borrow money beyond their means? Does anyone remember the Black Monday stock market crash that started the Great Depression? My history book always told me that it was due to too many loans and bad borrowers. And furthermore, why should we be taking this advice from the former CEO of Goldman-Sachs? Seems to me that the bailout really only helps his old buddies in the big financial firms.
In local news, today is my last day at BEK Inc.. On Monday morning I will start at Atlantic Fund Administration in downtown Portland. What a strange time to be joining the ranks of the financial industry!