Why Geithner’s Graveyard Touch Might Be Healthy

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Local Economy

Time and again the media report on these national issues without regard to the small players in local markets. How many community credit unions and local banks have suffered from the excesses of Wall Street and the subprime mess? The stock market may play some role in what happens at a local level but how many locally owned businesses are part of the Dow? How many local businesses participate in the global distribution of collateralized debt? I'm not saying lets all live like the Amish. I am saying that the doom and gloom doesn't affect us all equally. Getting the government off the hook for the poor decisions of the troubled big banks will ultimately be good for the national economy. No doubt some of these banks participate in my local economy but given how the economic boom bubble passed us by on the way up, I suspect the downturn will have little effect on us as well.

thomcat00 of NY @ Feb 18, 2009 10:47:24 AM

Thank goodness

I am so pleased to see someone who is taking reality into consideration in gauging Gietner's comments. The Press is too often playing with people heads and creating hysteria in time where prudent thinking and measured actions are in order.

Thank you for this article. It gives me hope that at least someone is paying attention to what is really going on and not succumbing to ratings boosting rhetoric.

Peace on Earth,

Jamie Keefer

Jamie Keefer of PA @ Feb 15, 2009 12:33:41 PM