Post by priyap09 on Nov 21, 2008 23:42:55 GMT -5
Dave Granlund, Massachusetts, 9/25/08
Depicted as an elderly man dressed in red, blue and white, Uncle Sam is a national personification of the United States, and sometimes specifically the American government and economy. Standing behind a concrete wall, an apprehensive and alarmed look is dispersed over his face due to the situation he is in at the moment. Some of the blocks from the concrete wall, marked Wall Street, are about to fall on Uncle Sam, symbolizing the collapse of Wall Street. The wall is acting as a barrier, protecting Uncle Sam from the splash of water and a potential flood, which represents our financial disasters. However, even the concrete barrier is unable to thwart the wave as water escapes from between the blocks. Even his attempt to block a hole in the wall is feeble as the water passes from his finger out through his ear. This cartoon signifies the upheaval in the American financial system that resulted in the failure of the most esteemed businesses and the worst day on Wall Street in seven years. As the pillars of financial system collapsed, many companies that control our economy such as Bear Stearns, Lehman, Countrywide, Merrill Lynch, and AIG crumpled to dust, filing for bankruptcy or struggling to survive.
The worst of Wall Street might not be over, as there is no strategy to deal with the issue, just shrewd, tactical responses. The $700 billion bailout was conjured in an effort to engender confidence within the system, precluding the destruction of trust in the banks and other financial institutions. The Wall Street meltdown occurred due to greed, lack of government regulation and the crisis of overproduction. The entrepreneurs outsmarted themselves by creating complex financial contracts like derivatives that would analyze and make money from all forms of risks. The government’s neoliberal views and refusal to be cautious about the rising market played a key role in the collapse. Many Americans believe that the economy and all the problems facing our country will mystically disappear because of Obama’s Presidency. However, the status of our country is far beyond what any president can fix in four years or even eight, assuming that we do not go into a depression. The best solution regarding this problem is patience. As a country, not just the government, we must be tolerant and unite to confront this major crisis.
