Saturday, September 27, 2008 Libre: Something good from the US crisis By Mel Libre Seriously Now
NO nation is exempt from trouble, not even the United States. The world’s biggest economy and lone superpower can also succumb to difficult and humbling times.
Wall Street is acknowledged as the Mecca of capitalism; Hollywood is home of the biggest entertainment entities; Silicon Valley is the main driver of information technology; Washington DC is where the US president commands the most advanced army in the world. The globe’s biggest stars, brightest thinkers and richest individuals are based in the US. The United Nations is headquartered in the US.
However, the resources, talents and the power of the US were not enough to prevent terrorist attacks, devastating hurricanes and economic meltdowns.
To this day, it puzzles us that the highly-touted intelligence network of the US failed to catch in its radar the planned attacks of Al Qaeda that brought down New York’s Twin Towers and destroyed part of Pentagon on Sept. 11, 2001.
Not even its satellite-based and ultra high technology weather forecasting facilities could predict the damage hurricane Katrina wrought on New Orleans.
The past few months have also been trying times for US financial institutions with the collapse of Freddie Mac & Fannie Mac, Lehman Brothers and the marquee of it all: American International Group.
Lest we forget, the Asian crisis was caused by the financial turmoil in Thailand. Who would have thought that one nation’s woe could affect the rest of its neighbors and even the world?
It is, therefore, not difficult to imagine how a major economic catastrophe in the US could impact on the economy of the world. It could create a global monetary wasteland that could leave millions of people jobless, millions more in poverty, millions more dead through malnutrition, starvation or diseases.
Americans have often been described as proud and arrogant by other ethnicities. Most have the demeanor that they are above the rest: think of NBA players and of course, President George W. Bush.
If there is a saving grace, the American people rally around their flag in times of adversity. When Pearl Harbor was bombed, the Americans reacted with ferocity against the Japanese and joined the war in Europe. In the aftermath of 9/11, the American people mourned its dead and pointed its gun on Al Qaeda, thereby freeing Afghanistan, then pursued its unfinished war against Saddam Hussein.
When Katrina flooded New Orleans, the rest of the nation poured its sympathy and aid to the helpless and the hopeless, raising the victims back on their feet.
President Bush extended his hand to both Republicans and Democrats in Congress with a $700-billion proposal to stave off a potentially long and deep recession. Presidential contenders John McCain and Barack Obama were present during the meeting. Bush knows that any further delay will shake not only other US industries, but the rest of the world as well.
It is certain that a workable plan will be in place in the next few days-–and no thanks to President Bush really, who as usual has never been on the top of things.
While there have been debates among politicians on whether people’s money should be used to save beleaguered private entities, the rescue package seems to have been approved in principle. Once this is finalized, we can applaud the legislators who set aside their political differences in allegiance to the people of the US.
By then, we can say that out of the crisis there is something good that has come out of the US and its people.
