Government bailout wouldn't be the firstby Dustin Grove (grove@wsbt.com)
In this May 7, 1933, file photo, President Franklin D. Roosevelt is shown at his desk at the White House, when he outlined his ideas to the nation on a partnership between the government and agriculture, industry, and transportation. (AP Photo) SOUTH BEND — If Congress passes some sort of bailout package, it wouldn’t be the first time. Related Content
Notre Dame economics professor Christopher Waller said Congress passed major bailout measures during the Great Depression and again nearly two decades ago for ailing savings and loan institutions. “The estimated bailout cost was $400 billion and that was 17 years ago,” said Waller. But this time could be different. Those against another bailout say it’s time for the institutions responsible suffer the consequences. And political science experts say there’s another difference this time around: increasingly partisan politics. “As you get closer to an election, both parties are going to accentuate their partisan and ideological differences,” said Professor Sean Savage of Saint Mary’s College. “It’s going to be nastier. I mean I would be very surprised if any kind of bailout compromise package is going to happen between now and Election Day.” “If there is no plan reached, we’re in a world we’ve never really had to deal with before,” said Waller. “And that uncertainty scares financial markets and investors more than anything else … just having no idea where things are going.” Another difference between other economic hard times and today is that now we're so globally connected. In the Great Depression, tough times were isolated to the U.S. Even in the '80s, it was our problem. But not so anymore. Now, banks in Europe and Asia are hurting, and also wondering what might happen next. Most PopularMore Good Stuff |
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