I'm watching the News Hour with Jim Lehrer on public television. Henry Paulson is on the show. I'm not sure that he's sure that the billions of dollars being injected into the banking/monetary system is doing much. "Until the correction in housing pricing is done, we won't be able to get much better," Paulson reports.
I'm concerned that whatever happens, more wealth is being created for the upper whatever percent of people. We have billionaires and millionaires making money while the middle class and lower class face numerous financial issues. Jobs are being lost. I don't know what the answer is. I think the problem that got us here is the unbridled promise of profit. The system seems only to be interested in profit, not the well-being of people, the economy as a whole, or even long-term wealth.
As someone here semi-employed, with a Ph.D., looking for work in a university, probably a public one. I can't help but wonder how public institutions will be affected by the financial crisis. Will our public school districts be able to continue providing education? So many of the rural school districts are already on barebone funding. In Minnesota, they are limited as to how much they can tax through property taxes unless the people of the district giving them permission to go over the normal tax rate through a referendum. These are not passing in some districts. Some have indicated that they will need to close down as a district and consolidate with another district. I wonder if other universities, like the University of Minnesota, will declare a system-wide hiring "pause". This doesn't bode well for young academics.