The value of stocks have been dropping for over a year and have lost trillions in value. Many have seen their life savings gone with the wind.But there is still hope that the downward slide will hit a bottom and stocks will rise again.The big question is: Where is the bottom?. The correct answer is that the bottom is zero. The American currency is backed only by faith that it is worth something. If the public loses that faith it is worthless. There was a time when each dollar could be redeemed by gold. If you would rather hold gold, a teller at the bank would exchange it. The dollar was worth its weight in gold. In 1933 it all changed Franklin D.Roosevelt helped pass the law that it was illegal to possess gold. Then the dollar had value only on the faith that it was worth something. My advice to the public is to keep the faith and we shall overcome.
Where The Streets Have Two Names
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In politics, every crisis gets its own cliché, and the near collapse of the U.S. financial system has already spawned a groaner: the false dichotomy pitting "Wall Street" versus "Main Street." Whenever Barack Obama and John McCain babble about our dueling American boulevards—and they both do it, a lot—you can practically hear the implied sound effects. Wall Street: hiss! Main Street: yay! In this climate, boosting soda fountains and sliming investment bankers carries about as much political risk as declaring that America is awesome.
Never mind that the majority of us don't live on either street, or that, if pressed to admit it, we envy the perks of both—the warm simplicity of Main Street and the lucrative grandeur of Wall Street. The problem lies in suggesting an antagonistic relationship where a symbiotic one exists. Economic health depends on the recovery of both places, not one or the other. And like all political shorthand, the more frequently it's used, the less sincere it sounds. For both candidates, "Main Street" has become a two-word crutch to flash concern for a place that neither guy seems to know very much about.
© 2008
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