In light of the failure of the economic rescue plan in Washington yesterday and the resulting 777.7 point drop in the Dow Jones Industrial Average, Manhattan Viewpoint goes off-cycle and focuses on our country's financial health.
There is no county in the United States with more at stake in the latest economic crises than Manhattan. As the financial capital of the United States and as the economic center of the world, Manhattan has the most to gain from stabilization of the US economy.
Congress defeated the first attempt at stabilization yesterday in large part because the package they received was poorly presented, poorly named, lacked certain key enhancements to create a better risk-reward dynamic for the American taxpayer, and lacked a respected champion or advocate to calm fears and add credibility. Without a stabilization plan, the world economy risks collapse and the accompanying high unemployment and wealth destruction that has not been seen in the United States since the Great Depression.
Dana Chasin (pictured at the right and bio at http://tpmcafe.talkingpointsmemo.com/profile/Dana%20Chasin), Senior Advisor in the Federal Fiscal Policy group at OMB Watch in Washington, DC, published a blog today that articulated the views of Manhattan Viewpoint. Please read it at this link:http://tpmcafe.talkingpointsmemo.com/2008/09/30/rescue_plan_for_the_rescue_pla/
Manhattan needs a stabilized economy and a stabilized financial sector in order to create the future than Manhattanites deserve. Manhattan needs Congress to pass the legislation needed to stabilize the financial sector. The vote is Thursday. Try to get your friends from around the country to encourage their Congressional representatives to support this effort.