Symptoms of a Greater Problem

The beleaguered American public has been consistently bombarded with dire financial tidings for the past several months. The economy is sick. New symptoms are manifesting themselves daily. Even today as we wait with bated breath to learn the fate of the Detroit Three, the ominous financial woes of the news sector flash across our computer screens. Industry across the board has felt the effects of a deepening recession. Which will be the next symptom to flash across my screen?

The New Republic has an interesting article recommending some possible solutions to the Detroit problem. I agree with a majority of Americans who believe that the automobile/manufacturing sector is an essential part of our economy. It is an industry that we can't afford to lose. Therefore I support a responsible loan to bolster viable automakers through the current crisis. That being said, this bail out business is a slippery slope. Bail out one industry and more will follow. Which will be the next industry to come a knocking?

We must keep in mind that these are all symptoms of a larger problem. If the government fails to exercise restraint in dealing with these individual symtoms, I fear a lot of money will be wasted without adequately addressing the true sickness: The subprime mortgage crisis and the resulting credit crunch. The government's number one priority must be to address this crisis, thereby restoring credit and American confidence. The lack of oversight of the 700+ billion dollar rescue package tells me that this isn't the case. It is made plainly evident by the current state of our economy, that we cannot afford to fail in addressing the subprime mortgage crisis. Fix the financial system, and the rest of the symptoms will follow.