Economist's View: "Ten Days That Changed Capitalism": "Ten Days That Changed Capitalism, by David Wessel, Capital, WSJ (FREE): The past 10 days will be remembered as the time the U.S. government discarded a half-century of rules to save American financial capitalism from collapse. ...[T]he government's recent actions don't (yet) register at FDR levels. ... But something big just happened. It happened without an explicit vote by Congress. And... billions of dollars of taxpayer money were put at risk. A Republican administration, not eager to be viewed as the second coming of the Hoover administration, showed it no longer believes the market can sort out the mess. ..."
Norton's comments: Yes, we are witnessing significant historical changes int the way monetary and fiscal policies react and are entangled in our free market economy. This sea change has happened so far without any consent or vote from the legislative branch or judicial branch of our government. We the people has not been engaged as yet and that is the most troubling part about this since it is our tax dollars at risk along with obligations well into the future of the next generation that have been commited without any consent or review. So much for the democratic process!
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