America was founded on courage.
For example, I’ve read a number of biographies of George Washington, who was actually a horriblegeneral. Washington’s early campaigns were disastrous, and the entire Revolutionary War was almost lost due to Washington’s early miscalculations (for example, his first major battle was fought from a low, exposed position, so that the British forced a surrender by seizing the high ground).
But Washington was brave. He always rode with his soldiers into battle at the front of the line, even when there were waves of incoming cannon balls being hurled in his direction. (Because Washington was unusually tall for his day, that made him an easy target). Washington’s courage – and his willingness to consistently fight on the front lines with his men – was one of the main factors in the success of the American Revolution.
The courage of the men at Valley Forge was also a turning point in the war. Slogging on through the dead of winter without shoes inspired a nation.
On the other hand, cowardice makes people stupid and docile.
Fear of Hurting the Big Banks Has Destroyed the Economy
The New York Times wrote in 2008:
“The rescue is being sold as a must-have emergency measure by an administration with a controversial record when it comes to asking Congress for special authority in time of duress.”***
Mr. Paulson has argued that the powers he seeks are necessary to chase away the wolf howling at the door: a potentially swift shredding of the American financial system. That would be catastrophic for everyone, he argues, not only banks, but also ordinary Americans who depend on their finances to buy homes and cars, and to pay for college.
Some are suspicious of Mr. Paulson’s characterizations, finding in his warnings and demands for extraordinary powers a parallel with the way the Bush administration gained authority for the war in Iraq. Then, the White House suggested that mushroom clouds could accompany Congress’s failure to act. This time, it is financial Armageddon supposedly on the doorstep.
“This is scare tactics to try to do something that’s in the private but not the public interest,” said Allan Meltzer, a former economic adviser to President Reagan, and an expert on monetary policy at the Carnegie Mellon Tepper School of Business. “It’s terrible.”
Indeed, Congressmen Brad Sherman, Congressman Paul Kanjorski and Senator James Inhofe all say that the government used scare tactics by warning of martial law if Tarp wasn’t passed:
In addition, Treasury Secretary Tim Geithner and others in government made it official policy not to prosecute (and see this) – or even to disclose Wall Street Fraud.