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Essay / Research Paper Abstract
This 3 page paper examines Adam Smith's concepts and also evaluates an article on the bailout in the United States. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: RT13_SA843bai.rtf
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Unformatted sample text from the term paper:
infrastructure and would go on to be successful (Friedman, 2008). In other words, the economy would go through ordinary ups and downs, but things would be okay. A bailout was
not needed. Then, to compare and contrast the current situation to the economy during the early railroad days, he writes: " The early 21st century saw a boom, bubble and
now a bust around financial services. But I fear all it will leave behind are a bunch of empty Florida condos that never should have been built, used private jets
that the wealthy can no longer afford and dead derivative contracts that no one can understand" (Friedman, 2008, p. 11). In effect, the dilemma today is different than what
happened in the past. It is the difference between having difficulties while doing the right thing, and having the bottom drop when one is clearly living in the throes of
excess. Friedman (2008) goes on to explain why the bailout is necessary. It is necessary to save the credit markets for the people who are innocent bystanders but he adds
that even more needs to be done. He says that Americans need to get back to making things rather than just relying on financial wheeling and dealing (Friedman, 2008). Friedman
has a point. Philosophically, money is not real. It is just a concept. The things that are made-homes, furniture, boats, and automobiles-are things one can value and get their arms
around. Friedman (2008) writes: "Indeed, when this bailout is over, we need the next president -- this one is wasted -- to launch an E.T., energy technology, revolution with the
same urgency as this bailout (p.11). While it seems as if this is a part of Obamas plan, Friedman (2008) is only slightly favoring Obama. He does not see real
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