Economy According to Wall Street Journals, it can be d that in the recent years, there have been a period of economic boom or a financial bubble, which has so far caused the collapse of financial institutions globally. The articles further illustrates that there is a resulting recession, that forces the wealthiest nations in the globe to resort to rescue packages and extensive bail-out for the large remaining banks while at the same time imposing unsympathetic austerity actions on themselves. All the above are done with the effort to curb or controlling the looming economic crisis illustrates the journals.
Criticizing the bail-out, the same articles stipulates that this action has led to the hypocrisy changes due to the apparent profits privatization while the costs are being socialized. Furthermore, the journals illustrates that the institutions are being rescued yes, however, the same institutions are the ones, which got the world into this terrible problem. Some of the articles in the Wall Street Journals also points out the fact that also smaller businesses together with poorer people, at times they also find themselves sandwiched in this current financial crisis.
However, they are being overlooked since they do not in anyway enjoy the “rescue” or bailouts that the bigger financial institutions are enjoying. According to statistics, the Wall Street Journals ascertains that at one point, plummeting stock markets wiped out almost 33% of all revenues of the company. When calculated, the thirty three percent are found to be roughly 14.5 trillion dollars. When this had occurred, the journals affirm further that the tax payers bailed out their financial institutions and banks with a considerable amount of money.
According to the statistics that the journals illustrate, it can be noted that, the US taxpayers alone have used almost 9.7 trillion dollars in what they call the bail out plan and packages. Considering other European countries and UK, they also have contributed in paying the bailout plan. Their amount according to the journals are two trillion dollars, all spent towards bailout packages and rescues. If that has happened so far, then the articles also warns that if a good strategy will not be put into order to curb this situation, then much and more are yet to happen. According to the information given in the journals, it can be noted that if such numbers are made available, then they will wipe many individual’s mortgages within no time.
In contrary, apart from wiping the mortgages, the journals stipulate that the numbers can clear out debts many times over. To proof this, some of the journals illustrate that the expected high military spending has been dwarfed by the bailout strategies to date. A few of the articles are centered on discouraging the act of bailing out.
The articles share that the issue of bailout will lead to the poor not having a chance to access education, health and other several services. That is why; currently malnutrition, hunger and disease have and are still afflicting the society. In the effort to rescue or help the larger financial institutions to come back to life, despite of them being the cause of the current economical crisis, the articles affirms that this will cause the poor to remain marginalized from the society.
This will make them have very little voice of representation in the public debates. In general, the journals are against the issue of trying to rescue or bailout the larger financial institutions, since they are the same institutions that led the entire world to fall into recession. This is because, when they concentrate rescuing those who directed the world into a boom, then the strugglers will pin down the poorer from coming up. Works Cited "The Travel Market of the Wall Street Journal. Erdos & Morgan, Inc.
Wall Street Journal, Dow Jones & Company, Inc. , 30 Broad Street, New York, N.Y. 10004. 1970. 32p. " Journal of Travel Research 9.4 (1971): 14-14. Print.