Editorial: Financial crisis does not bode well for college students

‘ ‘ ‘ The economy, it seems, has reached the end of the line. Burdened with problems in the… ‘ ‘ ‘ The economy, it seems, has reached the end of the line. Burdened with problems in the housing sector, U.S. debt and the highest unemployment rate in five years, the economy seemed to implode this past week as the stock market went haywire and firm after firm went bankrupt. Some companies merged to save themselves, and others relied on emergency loans from the Federal Reserve. ‘ ‘ ‘ Some analysts are calling it the worst financial crisis since the Great Depression. Others say it’s all part of the normal ups and downs of a healthy economy. President’ Bush, it seems, is saying as little as possible. ‘ ‘ ‘ Bush barely acknowledged the latest economic developments yesterday. He said, according to The New York Times, ‘The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence.’ ‘ ‘ ‘ Part of the problem is that government regulation of these now struggling firms failed drastically in the past. If the government plans to continue bailing these companies out, it is vital that it institutes greater regulation in the future. In the meantime, the president has promised to work with financial advisers to monitor the situation, and we can only hope these problems will slowly disappear. ‘ ‘ ‘ Unfortunately, college students are not immune to the nation’s struggling economy. As students graduate and begin looking for jobs, it is unlikely that the market will be receptive. And it is doubtful that failing companies on the brink of bankruptcy will create new positions and hire young adults. ‘ ‘ ‘ In light of the poor job market, a steadily rising unemployment rate and the burden many students share in paying back loans, the future does not look so bright. We hope to see the government exercise responsible leadership in dealing with this crisis.