Hagel on the financial crisis

[Inuca]

in case you were not already scared enough http://www.theindependent.com/news/x154124086/Hagel-to-work-on-rescue-package-for-failing-financial-markets

"This is very serious and as serious an issue as we will take up in a long time," he said. "It's not another overstatement to say that this is the most serious financial crisis since the Depression. If this is not handled, this could go into that kind of global depression consequence. But this time, it would be far worse than what we saw in 1929 and the early 1930s because of the relationships, especially in the financial institutions, that are now interconnected around the globe."

Hagel said Congress and the Bush administration must work in a bipartisan manner to address the financial crisis.

"We realize that we are right in the middle of a very hotly contested presidential election," he said.

Hagel said how the candidates address how the country should deal with the crisis is "their business."

"But what our focus (Congress) with our assignment is, essentially separate the politics from the mission here and come together with a bipartisan plan that the administration will come forward with," Hagel said. "We will help craft that. We may agree with some of it and we may disagree with some of it. But nonetheless, we must produce a product that within the next few days addresses this issue. Because if we don't, we will see a global financial meltdown."

[tekisui]

1. And, he is not even running for re-election, so no one can say

he is scaring up votes.

This is going to take decades to fix. Good luck everyone!

[Bandit]

2. My faith is with the financial group Obama has assembled

I think I trust them a hell of a lot more than those appointed by Bush*. I just hope Democrats listen to them and act accordingly instead of allowing themselves to be stampeded into something we may all regret in short order.

[Inuca]

3. The problem is that

by all accounts something drastic needs to be done NOW, it cannot wait for next year. I am sure that there will be plenty of fixing left for those working for Obama later.