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Billy Graham and Economics

Posted Thursday, September 25, 2008, at 4:25 PM

In 1974 Billy Graham made a statement imbedded in my consciousness ever since: "The problem is now so complex there is no solution." He went on to say that every time we find a "solution" to one problem the solution itself generates two or more new problems that would not have existed except for our solution. He said this in 1974!

One wonders what Dr. Graham thinks about the current financial situation(s)?

I'm no economist, but I do know a little about history. Any "insider" who knew what was going on in the financial world of 1929 would be horrified to hear the news we're getting in 2008. Let's see:

The economy slows down, resulting in people defaulting on mortgages

Because of bad loans banks fail

Because of banking problems the stock market declines

Decline of the American markets becomes a shot heard round the world

Someone, first the government and then Warren Buffett, throws money in the pot

The government, having spent more of our money than actually exists, looks for cash from an economy that has slowed down

As a result of the solution the stock marketů.

And the slow economy thenů..

1929 anybody? It is alleged that many insiders, recognizing what was going on made fortunes on the 1929 Stock Market crash. Suffice it to say the rules of the game are changed and it is very possible no one will come out with a profit in the event of some future market collapse.

Now we are going for a quick fix, Congress pressured to pass a new solution the consequences of which are unimaginable. Quick fixes are great. For example, hidden in the reports of defaults and decimation was a notice that the Treasury was printing more money to "solve" the immediate problem [whatever it was that day]. Then they tell us that, of course, this will cause inflation -- the dollars we're holding will be worth less. Why? No idea. Only know immediate solutions seem to create immediate problems.

The current Presidential candidates are trying to convince us (and themselves) they alone can solve the problem once they take over next January. They cannot. Ralph Nader has about as much chance of solving these problems as any other candidate. The way our system works is that first the new President has to come up with a solution, himself depending on the current crop of "experts" for what he submits to Congress. Then 200+ Representatives and 50-plus Senators have to come up with a compromise approved by about three committees. In the best of times all of this takes long enough for the situation on the ground to change for the worse. What actually comes out is rarely what the President submitted. Be not deceived. No President can solve the problems -- only make new problems by imposing new solutions. We may, indeed, find peace in our time; but some new, totally inconceivable problem lies lurking in the fine print. If you are picking your guy based on his ability to solve the problem you are most concerned about, find a better basis for choice.

"The problem is now so complex there is no solution."

David L. Lewis is an observer of and sometimes commentator on life who may be reached via e-mail at kayanddavid@joink.com.


Comments
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Everyone that spends money can tell you that prices are going up, whether the dollar bill in your hand is worth less or not.

It is getting to the point that some people cannot afford to drive to the grocery store to visit the groceries they can't buy anyway.

-- Posted by FlyinLion on Mon, Sep 29, 2008, at 12:44 AM

I believe the quote you are after is -

"Our economy, I think, is still -- the fundamentals of our economy are strong, but these are very, very difficult times. I promise you, we will never put America in this position again. We will clean up Wall Street."

That is a far cry from saying "The US economy is fine". I know your for Obama but at least try to see propaganda for what it is. The fundamentals of the US economy is capitalism. What George Bush and The House is trying to shove down our throats is socialism. This isn't going to solve anything in the long run. Let the companies fail and let capitalism take it's course. We don't need 'Big Brother' to come hold our hand every time Wall Street stumbles.

-- Posted by Inquizitor on Sun, Sep 28, 2008, at 1:02 PM

...and what did McCain say not so long ago? "The US economy is fine"?? Was that it? Where has he been? Though I agree that no single person is likely to "fix" this in a short time, at least let's put someone in there who realizes there IS a problem and has been for some time now.

It's going to take a lot of people working together to repair even some of the damage.

-- Posted by Jenny Moore on Thu, Sep 25, 2008, at 6:45 PM


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