I would like to comment on the record increase of the stock market yesterday, since I don’t know if you will, Dad. I noticed that the news is constantly saying “thanks to the bailout”, “due to the economic relief bill”, “thriving because of the bill”, etc. And here I thought that when stocks go down people BUY them because they are cheap, which then causes stocks to go UP. I’m pretty sure that would have happened without the $700 billion.
Noah L 14 Oct 2008, 0:57 a.m.
Hi Noah, I have to admit I’m not sure what to think about this whole mess. I know the world economics are all screwed up and have been saying for years that you just can’t print up more money to keep it going.
On the other hand it has gotten so bad I don’t know what we could do to fix it. If enough people have faith in this business of printing more worthless money —— then it will have the value faith gives it.
That is all that has kept it running these many years anyway —— faith. Faith that “buy low and sell high” will continue to work when it all means nothing anyway.
I personally think we should simply let the whole mess fall apart and rebuild our finances properly. Sort of like a world wide bankruptcy or “do over”. And this time but the value of money on a standard and have some rules of engagement for which there are ugly consequences when broken.
That might be too drastic though. Once fallen it might take so long to rebuild that we all starve to death for our stupidity.
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