Post Published on October 28, 2010.
Last Updated on November 29, 2017 by davemackey.
Okay, okay, this isn’t a product or a service – its a person…but I’m going to stretch Dave Enjoys beyond products and services because I do like Fareed Zakaria. Perhaps this will come back to bite me – I’m speaking from fairly limited knowledge – around two years of reading his columns in Newsweek and it seems faintly possible that I saw him once on the Jon Stewart’s The Daily Show.
In any case, he writes interesting articles. I’m not saying I always agree – just that I usually find them interesting and well thought out. Right now I’m finished up his short editorial from the Sept. 27th 2010 Newsweek (yes, I’m behind…) entitled “A Lonely Success: Don’t forget: the bailouts worked” – and it is an interesting read. I do question whether there is quite the cause and effect relationship between the bailout as Zakaria seems to suggest – it seems to me that the involved factors are too many and too complex to yield to such a straightforward analysis – but still, Fareed highlights how much of the bailout we are likely to get back, how in this case – if it did work – people are still attempting to avoid being associated with it, and highlighting the bipartisan work that made it happen.
There is still one question I have – why did we bail out the banks instead of the people? Before people jump on me for suggesting we should have taken the bailout – please not, I’m not taking a position on that topic – I’m simply asking if we were going to do a bailout (and we did) why did we use the money to bail out the banks? This seems like a trickle down approach in which we have to rely upon the good-will of the banks, etc. to let the bailout trickle down to the average man…whereas if the average man had been bailed out, this would have resulted in a forced trickle up – e.g. if instead of foreclosing on people we utilized the bailout to pay banks for parts of mortgages – the money would have both saved a lot of people from homelessness and financial hardship and still made its way into the banks coffers.
I’m no economist, so perhaps someone with more financial savvy than I can explain…