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Oh, the irony…

Scott Jagow Oct 14, 2008

The banks got us into this mess by over-borrowing and investing in very shaky financial instruments. And how are we going to fix the problem? By over-borrowing and investing in very shaky banks. I suppose it’s better than the government buying the exact same things (mortgage-backed securities) that got the banks in trouble, but it’s still pretty risky. We don’t know the future losses banks might suffer. Governments could pile up massive amounts of new debt, and then, we’d really see an economic meltdown.

Here’s hoping the plan works, but it’s the constant sacrifice of future for the present that bothers me. Borrow, borrow borrow. Debt, debt, debt. What do you think?

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