If the economy implodes


Today I read about the House’s rejection of the bailout package and the resulting stock market drop, as well as what I thought was a great e-mail on the bailout from Dan Cantor and the Working Families Party (Wikipedia).

My next thought, which almost made me cringe with guilt, was “Good. I hope the whole system implodes, and we have to build anew.  And as we build our economy up again, we can reshape it to reward behavior that measurably improves society.”

Essentially, I think we should rebuild fiscal policy to focus on the double bottom line, which describes when not only fiscal profit but also positive social impact are maximized.   Or, we could go a step further, and measure a triple bottom line.  That’s a term used to describe “an expanded spectrum of values and criteria for measuring organizational (and societal) success: economic, environmental, and social.”  Does it sound radical?  Not to the world community, as the UN ratified this approach in early 2007.

After thinking this, I decided to do some more research on the situation.  Being signed up for many progressive lists, I had received a few invites to some bailout protests and activities.  But I wasn’t sure if I was against it. I thought back to the stock market crash of 1929 that led to the Great Depression, and wanted to review more of the details of what had happened.  I was worried enough that I didn’t want to write it off as something that will only affect Wall Street without learning some more.  Being lucky enough to live in the time that I do, this information was easy and quick to obtain.  So I was able to spend a few minutes doing some research to help me make up my own mind about what I think should be done.

I won’t be shocked if we really do have a depression. But I also think it can be averted…

What do you think?

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One thought on “If the economy implodes

  1. I think that when we start speaking about economic downturns as bursts of a bubble, we need to seriously consider how we invest. I can’t stand that our investment economies are likened to hopping on the bandwagon and other such metaphors. I do hope that different types of companies and household patterns emerge.

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