Economist and former Fed governor Lyle Gramley of the Stanford Group thinks that, moneywise, we are at the end of the beginning, not the beginning of the end:
Any additional use of public funds to shore up the financial system and the economy would be a hard sell in the Congress, since the need for such assistance is poorly understood by the public at large. The sum of $700 billion sounds like a humongous amount, but it is just 5% of the nation’s GDP, and the ultimate cost to the taxpayer will probably be a good deal less. But we must be prepared to spend what is needed, because what is at issue is the very fabric of the American economy.
Born Agin Cynic @ Oct 20, 2008 15:06:24 PM
HillbillyBill of TN @ Oct 06, 2008 13:10:39 PM