"Washington Post,January 16, 2009 on page D1: Bank of America joins Citigroup and AIG on a list of financial giants that have required multiple rounds of help. The companies, considered too large to fail, incresingly appear hard-pressed to make it on their own. US government is now the largest shareholder in all three institutions; the latest investment in Bank of America brings the taxpayers stake to about 6%." Here is evidence of Political economy as the result of happenings in Socio-Economics.
Public sector has come to rescue the private sector. That is the role of government in the economy as I have been studying for many decades. Sino-American Economics via www.Google.com may be searched for intellectual enrichment.
On page D3: Steven Pearlstein wrote: "It would be great if there were a simple way out of this political and economic conundrum,but there isn't."
Can we still support a higher lifestyle with paper wealth? I also raised such query with philosophical underpinning. Should we make every effort to manage a necessary but painful reduction in our collective standard of living? Pearlstein asked such question. Readers can have own scenarios in the days to come.
A robust educational system with ethics and morality focus is centered to our economic future and national security. Adam Smith and Confucius/Mencius had the same aphorism in economic philosophy. Different timeframe but human nature is still mundane and spiritual with both strength and weakness of varied lifestyles.
Francis Shieh a.k.a. Xie Shihao,a student of liberal arts since early 1940s but would love to learn economics in action on daily basis.
Friday,January 16, 2009 at 10.22 a.m.
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