Your national economy is dying. Credit is the blood that pumps through the veins of our economy. The banking system is the heart that pumps that blood. America is afflicted with economic heart disease resulting from decades of gorging on high credit, low wages, low regulation and debt-driven consumption. We are having a national heart attack, and the heart must be shocked back to life.
This is not a Wall Street crisis, this is an economic crisis. We are deeply, deeply in debt. We are addicted to credit. Absent action America is going to be hammered by successive waves of economic shock and pain.
This is not to say we need the Paulson Plan, but we need a plan now! The damage will be massive and painful whatever we do, but we must immediately stabilize the situation. There is no choice. Cold turkey debt withdrawal kills weak patients, creates economic havoc and generates massive costs cascading forward.
For 15 months regulators tried an escalating series of larger and larger actions. These actions slowed the pain, but ultimately they did not work.
At this point we must either use public funds to jump start the banking system or take over and run it. We need to shock the banking heart back into action and then treat our heart disease by realigning our economic lifestyle.
We substituted debt for earnings, consumption for collective action and put off our hopes, needs and dreams for a better future. Consumption won’t fill the void left by community. Debt won’t fill the void left by low wages. Hope will not solve your problems.
This is not a Wall Street issue. It is your future, your children’s future and everything is in play.
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