The article in this Sunday's Boston Globe speaks about the Wall Street bailout how blogger may have played a part in diverting the passage of the Paulson Plan. Back in 1907 J.P Morgan in the midst of the fincancial system breakdown conducted a secret meeting among all Wall Street titans. They were able to help each other out and come to an agreement to save the financal system. Although, we will never know what happened behind the closed doors at J.P Morgan's library. Currently, the economy is again in a desperate situation. Wall Street heads all meet at the Federal Reserve along with Secretary Treasury Hank Paulson. The behind closed doors the idea of a "Paulson Plan" was formulated. Problem was the plan;s forming didn't include every knowledgable financial figure. The plan was looked at by various economists and therefor questions and thought to be not the best way of going about a bailout. How did these people express their opinions, through blogging. The blog's were coming from some the country's top academic economist who had distinct knowledge of credit default swaps, etc. Then the trickle down effect occured and the public gained knowledge that the "Paulson Plan" was possibly not the best way. They therefore, wrote and spoke to their congressmen and representatives to say to deny passage of the plan. All this goes to show the power of the blog and how when written by a few and read by millions the course of history can be changed.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment