As predicted, the Democrats do not want to overhaul the financial regulatory system to check the reckless financial behavior by people and institutions; no they want a bailout, plain and simple.
The Democrats want to let judges erase some mortgage debt for homeowners in bankruptcy. To me, you bought it, you pay for it – it is that simple. I suggested compelling lenders to re-negotiate payment terms but not to forgive the debt; that is plain insane.
They want the federal government go into debt counseling – why? There is enough self help information out there for free but if you need personal assistance, there are companies that provide that to – why should our government take those jobs from companies providing that service – we need every job out there.
The Democrats also want to give home builders tax breaks and somehow reverse falling home prices – how?
This is the fear I have of Democrats controlling Congress; they are socialists and closet Communists, they feel they can solve all problems by throwing more money at them. They want to coddle the population instead of teaching it to survive.
Please remember that during the Great Depression of the 1930, FDR tried many different ways to help the people and stimulate the economy (he gets an A for effort) BUT none of his gimmicks worked and only WWII brought an end to the depression.
We have come a long way since the 1930s and have learned what we did wrong back then so lets not repeat them! Listen to the economists that know what should be done and many say update the financial regulatory system to address modern financial problems so we don’t get blindsided again – take control and regulate accordingly but let the market heal itself like it has in the past.
As to the people and institutions in trouble right now; well there is really not much that can be done short of the Democrat’s imbecilic notion to forget and forgive debts. The Fed took some unprecedented steps with Bear Stearns to stop a potential dominos effect on Wall Street but the jury is still out on whether that was a wise move.
Fiscal Conservatives believe that people and financial institutions should be responsible for their financial actions and suffer the consequences of those actions and maybe learn a thing or two along the way.
I am not convinced at this juncture that we should do otherwise.
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