I haven’t weighed in on the recent “bailout” posts we’ve seen in this space lately. Part of that reluctance is depression, part is trying to muster courage and the rest is trying to muster faith.
Having said that, I think this piece from today’s Dealbook is about the smartest I’ve seen on how to handle Detroit.
I’m teaching my 8th grade CCD class tonight in advance of the Feast of Christ the King on Sunday. A lot of the lesson will be about how you can’t pour new wine into old skins. New facts require new intellectual structures to hold and accommodate them. Our current financial situation is analogous. We are in unchartered waters. For example, who ever heard of deflation in the US economy? Yet, we had the worst deflation in 61 years in October.
The article from Dealbook outlines the type of creative, structural thinking we will need in the months ahead to see us through this. I don’t think any particular “ideaology” provides all the answers. What is needed, after years of hubris, is a bit of humility and a whole lot of collaborative pragmatism.
Say a prayer that our new president has the courage and leadership skills to bring that kind of thinking, and the inevitable compromises that will accompany it, about.