The Real Pop Quiz
Instead of quizzing the populous on what Congressional leaders have said in the past about the current financial crisis, we should be asking our leaders about the impending collapse. Pop quiz for Congress and the President:
- Explain the current crisis. Make sure to define terminology, such as ‘mortgage-backed security’ and ‘tranches.’
- How did this crisis come about? Most of you were involved, so this should be easy.
- How does the proposed bailout rescue plan fix #1? Extra credit: Explain the necessity of tax breaks for wooden arrows.
- How does the rescue plan address #2? If it doesn’t, how long before we have another financial crisis?
- How long would it take for the economy to stabilize if the rescue plan were passed?
- How long would it take for the economy to stabilize if the rescue plan were not passed?
What other questions should they have to answer before deciding on a rescue plan? I don’t have the answers to all of these questions. I’m betting most of our leaders don’t either.
