Thursday, October 2, 2008

Bailout or Rescue?

Can you get there from here?

I was helping a friend put away some equipment today when he suddenly asked me how I feel about the Wall Street bailout package. People seldom, if ever, ask my opinion on matters of monetary policy, world finance, or anything related to economics. Like most of the common people, such things are pretty much out of my personal sphere of influence!

While attending college, I persevered through the traditional entry level economic class taught to many second year students. As a forestry major, I was also subjected to an additional semester of economics which focused on how market factors affected the practice of forestry. My overall perception of economics was further shaped by my favorite professor, the late Dick Dingle who once referred to economics as the “dark science”!

So how do I really feel the Wall Street bail out? I have read numerous articles and editorials for and against the plan and I am left to conclude that I feel strongly both ways! The whole issue reminds me of a story often told in the back country of New Hampshire. It seems that one day a lost tourist stopped and asked a farmer if he knew where Manchester was. The old farmer responded, “Ah yep, but you can’t get there from here.” Maybe such logic could be useful in the current bailout debate.

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