Zeitgeist Zephyr

While I’m one of many Americans who opposes the federal bailout of the Big Three automakers, I’m not looking at this situation as just how the taxpayers dollars are going to be put to work.  I’m also looking at the upcoming decision by Congress on how to use those funds as a fundamental test of democracy.

When the United States government was first established, it was noted that the opinions and motives of the general public are not static, but rather are turbulent and oscillate with the zeitgeist of the era.  In a poll released today, 61% of Americans are against the bailout of the Big Three.  The opinions of the automakers and supporters of the bailout are that if it isn’t passed, the Big Three will surely go bankrupt and bring America with them.  The CEO of Chrysler even claims it could spark a depression.  

The decision now rests in the hands of our elected officials.  Do they follow the opinions of their constituents, or do they make a decision they feel is in the best interests of the country?  Only time will tell if their decision proves to be the wisest for the future (or fate?) of the country.  This isn’t just a pivotal exercise of democracy in the modern day, but rather it is an exercise which has played out and been repeated over the last 230 years.  I pray that the wisdom to make the right decision is with the Congressmen and women who will cast their votes in the days ahead on this issue.     

Thomas Friedman was on to something when he told us that the world is flat in terms of the interconnectivity of the world’s economy.  The United States has tremendous leverage on the world economy, and the current economic downturn is evidence of this.  With the failure of the $700 billion recovery plan to pass the House, the economy around the world is immediately reflecting the decision.  At one point following the failure of the bill to pass, the DOW fell nearly 685 points, which is the largest drop in its history and nearly halfway to the point that all trading would cease.  Around the world, markets slumped as investors worried about the decision that the U.S. Congress would make.Wall Street does not deserve to be bailed out.  Unfortunately, that comes at the expense of financial stability for the American people.  For over 60 years, the economy has been riding on the prosperity and lessons learned from the Great Depression.  In recent years, the practices on both Wall Street and in Washington have ignored these lessons.  Government spending is at an all time high, putting the U.S. into enormous amounts of debt.  This bailout would dramatically increase this debt simply because congressmen and women are afraid to raise taxes on an American public so opposed to the plan.The United States is now paying for its actions over the last decade, and it’s bringing down the rest of the flat world with it. We’re in for a rough road ahead.  Welcome to the new depression.