The House is discussing another economic stimulus package right now!!!
Please email your congressman and tell them our economy depends on it.
Nancy Pelosi: http://speaker.house.gov/contact/
Hilary Clinton: http://www.hillaryclinton.com/help/contact/
John Shadegg: http://johnshadegg.house.gov/Contact/ContactForm.htm
I wrote John Shadegg complaining of bailout plan and he wrote me an email "assuring" me it was the right thing to do. Needs to get BIT*HED at more I guess.
Shades of Schadenfreude
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Korea also deregulated and opened up its economy actively during the past decade, a condition demanded by the International Monetary Fund in exchange for its $50 billion bailout package. Widely open to foreign investors and trade, the Korean economy is now highly vulnerable to external shocks, such as the current global financial trouble. Like other open economies, Korea has recently suffered from a series of financial woes, notably stock-price plunges and currency depreciation. "As a result of our reform and opening for the past ten years, our economy is more vulnerable to external shocks now than ten years ago," says economist Chang Jae Chul at Samsung Economic Research Institute.
Some Koreans, on the other hand, take some pleasure at the discomfort in the United States. Anti-globalization groups, which have been raising their voices against U.S.-led neoliberal capitalism for years, argue that Wall Street forced South Korea ten years ago to adopt its financial system, warts and all. They're using the crisis to mobilize public support for their opposition to the new Korean government's aggressive deregulation and free-trade policy. President Lee Myung Bak, who came to power in February, is currently pushing reforms, such as tax cuts, free trade agreements with major trading partners and privatization of state enterprises, as well as financial deregulation. "The U.S.-originated crisis means a bankruptcy verdict for President Lee's neoliberalism," says Park Seung Heup, spokesman for the opposition Democratic Labor Party. Park Young Sun, a lawmaker with the opposition Democratic Party, adds: "President Lee blindly follows and copies the neoliberal economic system that has become a history."
—B.J. Lee, Seoul
© 2008
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