Thursday, October 09, 2008

The Banks?

This morning, the U.S. Treasury Department is indicating that it is considering taking over partial ownership of banks in order to alleviate the current financial crisis.

Well, after they complete taking over the financial services sector, one wonders what industry will be next?

It is not my nature to be alarmist, and I am willing to concede that much of what has occurred over the last two weeks may even be necessary, but still: when the dust settles from all of this, I fear that we will have lost something far more valuable than 30% of our 401k's.

With a demand for increased security, including economic security, there always comes a loss of freedom. With very little debate our way of life is fundamentally changing.

1 Comments:

Blogger Lanette said...

How much of the temporary fixes following the Great Depression were repealed after the crisis was over?

I'm afraid I don't find the overtaking of our financial institutions by the government necessary at all. Their main purpose in all of this was to come up with legislation and possibly lessoning on some legislation to protect the citizens and increase investing; instead they took the advantage of securing more control.

2:05 PM  

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