The present financial crisis was caused by greedy financiers located on Wall Street and at other financial centers of the world, not so much in Washington D.C., although their lobbyists there were not without influence in their underlying pecuniary mon-omania.
Those who hold the so-called “free market” as a sacred aspect of democracy or of the new global structure have yet to learn of the corrupting nature of government and market when combined in their efforts toward avarice.
The free market purists cannot make themselves go along with the government bailing us out of the mess in which the free marketeers have placed the economic infrastructure of our society and in conjunction with international marketeers, the infrastructure of other nations and that of a would be “normal” global system.
Many could go along with the "free market" purists and let the situation play out to the detriment of those involved, except that today whole societies and masses of individuals are affected, me and you included.
The argument that a government “bail-out” is socialism is as silly as believing that uncontrolled financial institutions and monetary systems of the world should be eliminated because they are government instituted and government controlled. Even Adam Smith, saint of free market and the invisible hand didn't believe that.
I don't believe in a bail-out, socialistic or not. However, we've permitted the disease to go too far without treatment to let the patient die at this point, as all of us are by the collective nature of society the patient.
Neither the market, the conservatives, nor those politicians, mavericks or traditionalists, claiming to represent free market capitalists can in principle interfere in the free market so blatantly, although they do when its not so transparent.
So what to do. The financial infrastructure of this country is as essential as the physical transportation and communication grid of our society. The question is whether we shall leave the patient alone and follow a natural demise or attempt treatment. The problem is that we don't know the proper treatment and because of the urgency, we must improvise.
It seems that the government will have to lend money to those economic units of our society that are most likely to seriously and destructively affect the function of our society if left to their own means.
It also seems necessary to help finance those who were not properly financed by the lending institutions that led to the situation in which we find ourselves today.
A loan means that both of these elements of society will have to eventually pay back the government institution that does the leading.
The government's involvement will be for two reasons; one, it is essential to maintain a functioning and healthy society and two, that the government is the only element of our society large and forceful enough to engage in this enormous and long term venture.
It is now for the most important economists and the most influential politicians to produce the means for making these loans. It seems that the institutions are there. What is required now is a program with proper administration. And here is where the devil is in the details. Let's try to call God's presence there instead.
Unless the pure free marketers can come up with a more practical approach than this “socialistic' one, we as a society must do this in the same way that we go to war for the purpose of protecting our country. Let's see if we can really put our country first this time.