The lesson learned during the housing meltdown was that commercial paper, the short-term loans that major businesses use for their day-to-day functions, can freeze up.
Without those loans, businesses cannot make payroll and those businesses essentially shut down. They suffer, their suppliers suffer and the ripple effect goes on from there to affect the whole economic world. Without the government loan guarantees that came about a worldwide depression could have occurred.
Sens. Ted Cruz, Marco Rubio and the tea party crowd would have you believe that a worldwide depression would likely not happen. They may be right, but what kind of people would gamble on that?
And are those the kind of people who you want in office deciding your fate?
Sid Kaskey, South Miami