It's the economy, stupid

The disaster on Wall Street continues and the US government is planning a taxpayer funded rescue plan that's expected to cost at least $500 billion and quite possibly $1 trillion. Alan Greenspan called the current situation a "once in a century event". NY Times columnist and Princeton economist Paul Krugman was just talking about how serious this crisis really is on the Rachel Maddow show. Apparently current Chairman of the Federal Reserve Ben Bernanke and others told Congress today that if this rescue plan wasn't happening, we'd have the 1931 bank crash all over again. Literally no one would be able to get a loan and the economy would grind to a halt. The consequences, much like the Great Depression, would be catastrophic. Even with the government bailout, no one knows if it's going to be enough.

A Newsweek journalist just made an interesting point. "We are all socialists now." The bailout plan is necessary, but socialist in nature.