Monday, September 29, 2008
Today the Dow dropped the most it ever has in a single day. The administration argues that our financial system is on the verge of collapse. Despite lobbying by the President and senior cabinet members, the House did not approve the bailout plan today. I am curious what members of our blog community believe is an authentically Catholic approach to these critical issues, particularly in formulating legal solutions. Recent events have prompted me to reflect on my own assumptions about our economic system, and I am deeply concerned that the most vulnerable members of our community are likely to suffer the most significant harms in the short term. In the long term, I have deep misgivings regarding the debilitating debt we are leaving for future generations. Although I am not certain what our response should be, failure to act is an option that carries great potential costs if Secretary Paulson is to be believed. How can we best serve the common good here? What is an appropriate level of government intervention? How will our policy choices impact the poor?