I don't doubt that, and I agree with the President.  So does Dr. Walter E. Williams, who serves as John M. Olin Distinguished Professor of Economics at George Mason University in Fairfax, VA.  In a recent interview, Dr. Williams said:

In general, the fundamentals of our economy are, indeed, sound. We are the envy of the world. Europe would give its eye teeth to have an unemployment rate of 5.2 percent.  We have severe problems in one sector of our economy, the financial sector. We need to recognize that as such and not panic into accepting everything the politicians in Washington want us to do.

Dr. Williams favors a market-based solution to the current financial crisis, stating that any "bailout" will only be an incentive for poor decision-making in future.

Q: There have been warnings of a cataclysmic meltdown -- of credit markets freezing up, of everything grinding to a halt. What are the chances of that?

A: I am not a soothsayer. But I don't believe that would happen. . . We had a huge stock market crash in 1987 and nothing was done about it. The next 10 years were the longest period of sustained economic growth in our history.

Regards,
Scott Perry