24th
Senator Christopher Dodd on Fed Chairman Bernanke’s message to legislative leaders regarding the financial crisis (about 5:30 point in video) -
“I don’t want to use the language, because the language has an impact. But…when the Chairman of the Federal Reserve described the situation to us, there was a pause for about 10 or 15 seconds when nothing was said. The air came out of the room. It was that startling a description of where we were…. This is not just the financial markets here, it’s global…. We’re gonna be talking about this for decades.”
So, is Dodd’s (and Bernanke/Paulson’s) scary message a fair and accurate assessment of the financial crisis that we face, or is this a ruthless move by powerful forces to further socialize the U.S. economy. My belief is that both are true. Economically, we are sick to the point of near death, and the “cure” is potentially worse than the “illness. Like Senator Dodd said, “we’re gonna be talking about this for decades”.
