“No crisis like this has a simple or single cause, but as a nation we borrowed too much and let our financial system take on irresponsible levels of risk. Those decisions have caused enormous suffering, and much of the damage has fallen on ordinary Americans and small-business owners who were careful and responsible. This is fundamentally unfair, and Americans are justifiably angry and frustrated.” (Mr. Geithner, the U.S. Treasury secretary, today)
I agree, and I think those words can be said also about the rest of the citizens of the world.
So, with this kind of analisys, what must we do? By the moment Obama’s Administration have decided to dedicate 1 billion dollars to guaranty private investors who will be willing to buy “toxic assets”: Wall Street reacts with euphoria to this plan. It’s understandable, it will be a real good deal: if the investment rise his value, the benefits are for the private investors, but if the investment low down, the taxpayer will take charge of the disaster.
We are really solving the situation or running faster to the abyss? The time will say, but it makes me suspicious.