Tuesday, September 30, 2008

Think Ahead Time

Even before Freddie Mae and Fannie Mac began their torrid slide down the economic plughole way back in July, the world's financial situation was not looking good. Markets were sliding, slowly, point by point to oblivion. According to the press at least. Almost a quarter has elapsed since the mid-summer crisis and yet still we are perpetually stricken with panic, despite small personal losses. Here's why: it sells newspapers.
Unfortunately, Murdoch & co.'s impact on our predicament is, perhaps, the driving factor in its continuity. That isn't to put the blame solely on the shoulders of our business editors, but if the media industry wasn't thriving off our economic downfall then perhaps less alarm would have spread through global markets, perhaps the latest in a long series of Wall Street flops would not have such dire consequences.
For once, I agree with our President, George W. Bush. Dire straits call for drastic actions and if that means halting economic reportage for the meantime, so be it. Of course, actual monetary reimbursement at some level of society is more pressing but with power comes responsibility, something great swaths of the media too often forget.
Whilst a social collapse akin to the Great Depression has all but been prevented thanks to insurance of savings at up to $100,000, the world would not have been as badly affected had the press exercised a little care. Sure, the people have a right to know but was the knowledge really beneficial?
Our leaders have learned that hyper-inflation is most certainly not the way to go but nonetheless, frivolities will have to be cut down on and societies unified. So what message does it show us when Bush, desperately trying to push the $700 bail-out through Congree, is vetoed by his own party? Only 40% of Republicans backed the plan, compared to 60% of the Pelosi-led Democrats. Hopefully the voters read this, because it really would make very little sense to elect into office a ticket that doesn't mind the people being financially crippled. Once more, Vote Obama. So far, we've figured out that it will do the world a world of good. How about some goodness for ourselves too?

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