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There's no bailout for the next crisis

Source:  Copyright 2008, Oregonian
Date:  October 22, 2008
Byline:  Lisa Weasel
Original URL: Status ONLINE


The recent haggling over how to solve the nation's economic crisis seems to have done little to ease the anxieties of either Wall Street or Main Street. And with good reason: Intuitively, we know we haven't seen the worst of it yet.

Watching a lifetime of stock options head south? Worried about where you'll find the money to pay for college or about the spiraling costs of health care? Certainly nothing could hurt worse than a foreclosure, could it? Well, maybe it could. If $700 billion sounds like a lot, try fathoming $9 trillion -- roughly 13 times the cost of today's hotly debated bailout. That's the projected cost of letting global climate change go unaddressed within this decade.

The thorough shakeup of today's economic climate foreshadows an even more disastrous global crisis heading our way. The same belief in unlimited, unchecked growth (some would say outright greed) that fattened our economy on a diet of junk bonds and hollow lending is also ...

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