The Troubled Economy

Secretary of the Treasury Henry Paulson has just announced at a press conference that the government’s $700 billion dollar plan to purchase troubled mortgage assets from banks would not be implemented as originally planned, but instead efforts would focus upon continuing the recapitalization of banks through stock purchases, assistance to borrowers in danger of losing their homes, and support for financial markets which supply consumer credit for auto loans, student loans, credit cards, etc.  

Our financial leaders have gone from one proposal to another.  One may thus wonder:  Does the government really have a well-conceived plan to deal with the crisis?  How bad is this credit problem anyway?  Are we headed for recession or even a depression? 

Perplexed and confused by all this?  So are we all.

If you’d like to read more about the financial crisis, try CQ Researcher Online’s detailed report on the Financial Bailout.  Use your library card number to access this resource.    

Let me add that I’ve found some excellent web sites with insight from professional economists which have helped me to stay abreast and navigate through all the complexity.  The blog of Paul Krugman, this year’s Nobel Prize winner, and Nouriel Roubini’s RGE Monitor are just two that come to mind. 

The DJI (Dow Jones Industrial Average) has had a lot of tough days lately.  Keep in mind that Greensboro Public Library card holders have complete access to the Value Line Research Center.

As our economic woes deepen and we likely move toward recession, some folks here in Guilford County may lose their jobs.  But if you’re unemployed and looking for work, Greensboro Public Library has a great links page to help you get started on your job hunt.  We also have a careers collection on the second floor at Central Library, as well as a full-time employment counselor, Ms. Doris Jessup.

Hopefully America will meet these economic challenges with all the success with which it has faced others.

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