15 October 2008
Remember yesterday's date
It represents the fact that more than our economy is bankrupt. The Secretary of the Treasury appointed by a "conservative Republican" President said, "Government owning a stake in any private US company is objectionable to most Americans, me included. Yet the alternative of leaving businesses and consumers without access to financing is totally unacceptable."
In my view, it was a Chamberlain-like moment. To paraphrase Churchill, "He had a choice of abandoning his principles or economic disaster. He chose to abandon his principles; he shall have economic disaster also."