Last night I watched Sunday’s This Week with George Stephanopoulos in amazement as I saw republicans, democrats, former Treasury Secretaries, stock traders, and political commentators all agree that government ownership of financial institutions was the only option to get us out of the current financial crisis. This would usually go against conservative principle, but they say there is no other alternative.
We learned later that, indeed, the federal government will begin purchasing ownership in banks. One commentator announced, “We’re All Socialists Now.”
Yesterday, the Dow gained 936 points (11%) on the news. Who knows what will happen today.
Is this what it feels like to live in the midst of historic times? Will we learn anything from it?