Wednesday, March 19, 2008

Sorry, But There Are Only So Many Lifeboats On this Ship, Says Captain Bush

"As we take decisive action, we will keep this in mind: When you are steering a car in a rough patch, one of the worst things you can do is overcorrect," the president said in his weekly radio address (March 14, 2008) according to an AP report.

"That often results in losing control and can end up with the car in a ditch," Bush said. "Steering through a rough patch requires a steady hand on the wheel and your eyes up on the horizon. And that's exactly what we're going to do."

He also put a positive spin on the housing crisis and the falling house:

"Many young couples trying to buy their first home have been priced out of the market because of inflated prices," the president said. "The market now is in the process of correcting itself, and delaying that correction would only prolong the problem."

Wouldn't it be nice to see such an optimism in dealing with the financial markets? What if Bush instead of a multibillion dollar bailout of his wealthy Wall Street friends had stod by his principles and delivered the following message in his radio address?

"Many young investors trying to build a fortune have been priced out of the market because of inflated prices. The market now is in the process of correcting itself, and delaying that correction would only prolong the problem."

But of course, that would have been totally unrealistic. There are after all only a limited number of lifeboats on this ship. 

Hans Sandberg

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