I'll be a tad cynical today. Schuman suggests an investment of moral authority to help us out of our financial mess. And, sir, where do you suppose this will be found? It's an attribute in short supply in Congress or on Wall Street.
Perhaps the Pope can help?
By JOSEPH SCHUMAN
THE WALL STREET JOURNAL ONLINE (10/10/08)
"...The government steps taken to stanch the credit crisis, each more extraordinary than the last, have done little to unfreeze the flow of capital among banks and to businesses and consumers who need the borrowed cash, prompting investors to keep fleeing the stock markets and bet against the economy. With each tumultuous day judged by market reaction -- and often investor desperation -- any solution may require more than technical intervention at the system's weak points, and perhaps an investment of moral authority that can counter the nihilistic outlooks that help sustain crisis."Oops, here's today's dose of moral authority:
"Soon after the U.S. markets open this morning, President Bush plans to address the nation and tell Americans why they should still be "confident," White House spokeswoman Dana Perino said yesterday, as Bloomberg reports. Chances are that the all-news cable networks, and the big four broadcast networks should they choose to air the address, will be running live stock market reaction to the speech under the footage of the president."
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