Economist and former Fed governor Lyle Gramley of the Stanford Group thinks that, moneywise, we are at the end of the beginning, not the beginning of the end:
Any additional use of public funds to shore up the financial system and the economy would be a hard sell in the Congress, since the need for such assistance is poorly understood by the public at large. The sum of $700 billion sounds like a humongous amount, but it is just 5% of the nation’s GDP, and the ultimate cost to the taxpayer will probably be a good deal less. But we must be prepared to spend what is needed, because what is at issue is the very fabric of the American economy.
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Born Agin Cynic 3:06PM October 20, 2008
HillbillyBill of TN 1:10PM October 06, 2008