Much of the Credit Crunch seems analogous to the time when I fell over in the street.
Losing my balance while walking down the street, I was determined to stop myself from falling over. I struggled desperately to regain it, zigging and zagging, straining and flailing, nearly bumping into other pedestrians in my efforts to stay upright. In the end I still fell over anyway and ripped the knee of my new jeans.
My humiliation would have been less spectacular and rather shortened had I just accepted the inevitable.
Could this analogy be useful to central bankers thinking it is still a good idea to throw good money after bad?
Senator Jim Bunning, Republican:
"This massive bailout is not the solution, it is financial socialism, and it is un-American."
Billionaire investor Warren Buffett, called the market turmoil “an economic Pearl Harbor."
THE VOICE OF REASON Solon, (born c. 630 BCE—died c. 560 BCE), Athenian statesman, known as one of the Seven Wise Men of Greece (the others were Chilon of Sparta, Thales of Miletus, Bias of Priene, Cleobulus of Lindos, Pittacus of Mytilene, and Periander of Corinth). Solon ended exclusive aristocratic control of the government, substituted a system of control by the wealthy, and introduced a new and more humane law code. He was also a noted poet.
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