Support the real world and not to the virtual world.

Not long ago web-navigators were buying real estate in virtual cities. Great fun, but of course no one would dare to plea for a bail-out in order to cover for any losses sustained there. But, down here, on the earth, there are currently many investors in securities with very similar virtual characteristics that shamelessly ask for help. We must learn to ignore their pleas not because we do not want to help them but because we cannot afford to help them.

Sir Joseph Stiglitz comment “Chapter 11 is the right road for America’s carmakers” December 12 is correct and timely. The US has enough resources to retool and sustain its automobile industry, after a much needed restructuring, but not enough to maintain what currently exists and, if they tried to do so that could provoke a significant loss of confidence in the dollar. In this horrendous crisis the US, like all others, is better off playing on its real strengths than trying to maintain vivid the illusions of so many virtual realities.

Since Stiglitz also reminds us of the many widows and orphans that will need real and concrete assistance and not just the illusions of a trickle down on them somehow-somewhere I would similarly like to remind all pf the sobering fact that our current was not caused by speculative investments but by pure triple-A widows and orphan stuff.