EDITORIAL: Economic crisis needs thoughtful solution

‘ ‘ ‘ The economy seems to be in shambles as stock markets plunge and threats of another… ‘ ‘ ‘ The economy seems to be in shambles as stock markets plunge and threats of another economic depression loom ever closer. ‘ ‘ ‘ The House of Representatives rejected President George W. Bush’s $700 billion bailout plan Monday in a vote of 228 to 205. In all, 140 Democrats and 65 Republicans supported the bill, and 133 Republicans and 95 Democrats opposed it. The House vote was a surprising and momentous defeat for Bush, who spent much time fervently pushing members of Congress to support the bill. ‘ ‘ ‘ Both supporters and opponents of the issue present important concerns, with supporters saying that such a plan is necessary to prevent an even bigger economic catastrophe, and’ opponents arguing against a rushed decision that could put a large financial burden on taxpayers. ‘ ‘ ‘ It’s difficult to gauge, at this time, which side is offering the more appropriate solution. The nature of the economy, with its frequent ups and downs, makes the right solution almost impossible to come by. ‘ ‘ ‘ And the truth is that, at this point, we simply don’t know what the suitable response would be. The many factors involved in the current crisis ‘mdash; from failed mortgages to fraud ‘mdash; present a complicated situation, the entire scope of which is difficult for us to grasp. ‘ ‘ ‘ While an impending economic depression could have disastrous consequences for college students, many of whom are concerned with paying back loans and looking for jobs, few of us are immediately and directly affected by the current crisis. Newspaper headlines and politicians might warn of a financial crisis, but our day-to-day lives don’t reflect any sense of emergency. We’re still using our credit cards and still pulling cash out of ATMs. Because of this, it is often tough to clearly see the significance the economic situation has for our generation and what is at stake in supporting or opposing the bill. ‘ ‘ ‘ Nevertheless, the significance and the stakes are great. And while we might not feel the economic effects right now, it is highly likely that we will feel them in the future. This crisis could affect the long-term health of the economy, making jobs scarce and increasing unemployment. In rejecting the bailout plan, we trust that the public officials we elected to the House took our interests and the interests of other Americans into consideration and will take the most responsible route in due course. ‘ ‘ ‘ For now, perhaps the right solution to the economic crisis is no immediate solution. Congress should take its time and focus on coming up with a solid bipartisan plan. At a crucial moment in our nation’s history ‘mdash; our economy is facing its worst crisis since the Great Depression ‘mdash; it would be irresponsible to make a hasty decision that could prove unsuccessful in the future.