Sep 29 2008
Tough love strategy for the economy is working
(Washington, DC) Congressional leaders gathered today after the $700 bailout failed to pass in the House of Representatives to declare a small victory in their long term plan to save the US economy. According to House Financial Services Committee Chairman Barney Frank, “We are following a strategy of tough love when it comes to the economy. We feel that it is very important at this stage in the crisis to not enable the many failing financial institutions. If we give them hope by buying their bad debt they’ll only repeat the same mistakes. It’s critical that the economy hit rock bottom and voluntarily admit that it has a problem before we extend a helping hand.“
Standing in solidarity with Frank, House Speaker Nancy Pelosi stated, “We know what it’s like to see someone go through this. Think of the economy like your alcoholic uncle or brother. Our purpose in working with the economy is to help it ‘to stay away from high risk and help other world economies to achieve a healthy level of risk.”
Treasury Secretary Henry Paulson added, “Sure it’s painful to see the economy and all of our citizens suffer. No one wants to see anyone go through this, but if we don’t see this through, we’ll only be right back here in a few years at the same brink of economic collapse. After today’s record losses on Wall Street, I think we’re finally seeing some signs that the economy is on the verge of breakthrough. Everything is coming down around the economy, the mortgage crisis, the credit shortage, the tanking housing prices, and now the collapsing stock market. We can see the light at the end of the tunnel, we’re almost certain that the economy is close to admitting that it is powerless over risk. If that happens, then we’ll see the economy finally see that it has become unmanageable. When that happens, we’ll be there to help the economy pick up the pieces, but I assure you we’re committed to let the economy totally fail.”
