Local Viewpoint - Credit Crisis - 10/7 - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Local Viewpoint - Credit Crisis - 10/7

By Ted Fortenberry - bio | email

There was lots of mixed emotion last week regarding whether or not Congress should help to resolve the credit crisis. Many people were extremely frustrated, and rightfully so, that we, the taxpayers of America, were being asked to "bail out" the financial world based on their previous poor decisions that created the mess in the first place.

However, most Americans also realized that without the assistance from the American taxpayers the situation would be much worse.

In our local view, Congress got it right last week by coming together to vote in favor of the plan, therefore, injecting of hundreds of billions of dollars of capital into the credit markets. It will take a while before the funds filter out to the financial agencies, and you can be assured there will be ups and downs along the way. But this option was the lesser of two evils.

The real challenge is making sure we don't allow this to happen in the future. As the saying goes, "fool me once shame on you; fool me twice shame on me." It will be critical for our leaders to remember how we got into this mess and make sure they take the proper actions to ensure it never happens again. 

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