In an editorial called Save the Fats Cats, in The New York Times, it is discussed why it's so important to act swift and approve the bailout as soon as possible. The author of the editorial is Nicholas D. Kristof, a two time winner of the Pulitzer Prize, and previously an associate managing editor of The Times. Kristof attempts to convince to those who oppose the bailout why it is necessary to accept the sacrifices that will be made in order to hopefully achieve the long term goal. He compares our current economic situation to one very similar that happened in Japan back in the 1990's. He states that Japanese politicians ignored and growing bank crisis and then acted indecisively on a bailout. Since the business men involved were considered "jerks," Japan did not see any need to act quickly. Thus making the entire economy slowly pay the price, like cutting back government spending which eliminated vital services and the inability for individuals to gain credit. Forcing Japan to endure what Kristof called a "lost decade" of economic stagnation. To this day, their main stock index is less than one-third of what it used to be nineteen years ago. So for anyone who think this will all just go away quickly, they might want to think again.
I'd like to say that for the most part I agree with Kristof's argument and reasoning behind it. He acknowledges that it's unfair for the average working family to lose almost everything they got, while the actually people responsible for the problem are the ones getting rescued. I for one would like to see the people responsible pay through the damn nose. But if we sit here do nothing about the current situation, the possible outcome may be worse than that of which will result from the bailouts approval. We don't want what happened to Japan to happen to us. So our priority right now should be to get the credit unfrozen and flowing again. And then like Kristof said, " If the Congressional critics of the bailout want to do some lasting good, they should come back in January — after approving the bailout now — with a series of tough measures to improve governance and inject more fairness in the economy."
I'd like to say that for the most part I agree with Kristof's argument and reasoning behind it. He acknowledges that it's unfair for the average working family to lose almost everything they got, while the actually people responsible for the problem are the ones getting rescued. I for one would like to see the people responsible pay through the damn nose. But if we sit here do nothing about the current situation, the possible outcome may be worse than that of which will result from the bailouts approval. We don't want what happened to Japan to happen to us. So our priority right now should be to get the credit unfrozen and flowing again. And then like Kristof said, " If the Congressional critics of the bailout want to do some lasting good, they should come back in January — after approving the bailout now — with a series of tough measures to improve governance and inject more fairness in the economy."
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