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Written by Ron Pyle   
Wednesday, 26 November 2008
What I find remarkable is how casually our society is simply accepting all this new debt in the name of "it could be worse." However, in the larger scheme of things, it really could be worse, and at this time of year, we should give thanks that it isn't.


For the past several weeks, we have been hearing all about the bailouts that our government (meaning you and me, heretofore referred to as "Joe the Taxpayer") is or will be providing to calm the financial crisis and free up the frozen credit market. We also were exposed to the interesting spectacle of the Detroit Big Three (so-named as not to be confused with the real Big Three) CEOs going to Washington, D.C., hat-in-hand (albeit on private jets) to ask for a heapin' helpin' of that good ol' bailout pie - only to be told that they need a plan.

Now I'm sure I am not the only person who noticed that the Wall Street boys didn't need no stinkin' plan. I'll bet I'm not the only one who noticed that finance trumps manufacturing by a factor of about $1 trillion (say it s-l-o-w-l-y to capture the real essence) to $25 billion (give or take $25 billion). If we didn't get it before, we certainly should get it now: Our economy is a service economy. Manufacturing is a thing of the past, and we need to accept the idea that everyone is doing it better than us ... and some of them are even doing it better right here in our own backyard.

Maybe I'm old school, but I liked it better when a "buck was still silver." This morning I was informed by the talking heads that my individual share of the bailouts since September has been roughly $3,200. That doesn't take into account the debt already stacked up.

This is new, freshly minted debt, hothouse-grown in the enriched fertilizer of the "foggy bottom" over the course of just a couple of months. What I find remarkable is how casually our society is simply accepting all this in the name of "it could be worse." Right now, Joe and I are wondering what worse might look like.

However, in the larger scheme of things, it really could be worse, and at this time of year, we should give thanks that it isn't. One of my favorite Thanksgiving prayers is attributed to Samuel F. Pugh. I have heard several variations through the years, and it always gave me an extra measure of thankfulness. As we face uncertain times together, maybe this will sharpen our perspective:

O God, when I have food,
help me to remember the hungry;
When I have work,
help me to remember the jobless;
When I have a home,
help me to remember those who have no home at all;
When I am without pain,
help me to remember those who suffer,
And remembering,
help me to destroy my complacency;
bestir my compassion,
and be concerned enough to help;
By word and deed,
those who cry out for what we take for granted.
Amen.


Happy Thanksgiving!

 


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