I have been listening to all the debate about the $700 Billion bailout of financial institutions holding non-liquid and potentially worthless mortgage-backed securities.
I can understand Henry Paulson and Ben Bernanke’s rationale (let’s not forget that they work for Bush) for buying up troubled debt from financial institutions and thus preventing, what they feel, would be a serious recession even though a recession has been predicted for some time now.
I can understand why the Democrats want something for the taxpayer that is footing the bill. They want people in foreclosure to get consideration. They want judges in bankruptcy court to be able to re-work mortgage terms for people declaring bankruptcy so they can keep their homes. They want CEOs of the institutions being bailed out to get a realistic severance pay package; not millions of dollars.
Lately I have also heard that people about to lose their cars should be bailed out or any one in financial difficulty and here I have to say ENOUGH!
We are and have always been a CAPITALIST nation. Capitalism is what made us great and the envy of the world.
What the Bush Administration is proposing is SOCIALISM which to me is abandoning the economic structure and philosophy that made us great and that is unacceptable!
What got us in this mess is the housing bubble that burst. People on Wall Street as well as people on Main Street gambled that the housing market would continue to grow and prosper, never thinking that it might not; well, shit happens and it did and so you got poked in the eye but good.
The really important question now is what will happen IF we do not pass the bailout bill. Wall Street investment banks are gone. Financial institutions with large amounts of the toxic mortgage based securities will have to write them off. The credit market may be squeezed and our economy may suffer which means non-financial businesses will suffer also.
BUT the economy will correct itself and recover and we will still be a CAPITALIST nation. Many people will learn a hard lesson as they should and new regulations will be enacted to protect us from future financial shenanigans that damage our economy.
NO TO SOCIALISM!
I can understand Henry Paulson and Ben Bernanke’s rationale (let’s not forget that they work for Bush) for buying up troubled debt from financial institutions and thus preventing, what they feel, would be a serious recession even though a recession has been predicted for some time now.
I can understand why the Democrats want something for the taxpayer that is footing the bill. They want people in foreclosure to get consideration. They want judges in bankruptcy court to be able to re-work mortgage terms for people declaring bankruptcy so they can keep their homes. They want CEOs of the institutions being bailed out to get a realistic severance pay package; not millions of dollars.
Lately I have also heard that people about to lose their cars should be bailed out or any one in financial difficulty and here I have to say ENOUGH!
We are and have always been a CAPITALIST nation. Capitalism is what made us great and the envy of the world.
What the Bush Administration is proposing is SOCIALISM which to me is abandoning the economic structure and philosophy that made us great and that is unacceptable!
What got us in this mess is the housing bubble that burst. People on Wall Street as well as people on Main Street gambled that the housing market would continue to grow and prosper, never thinking that it might not; well, shit happens and it did and so you got poked in the eye but good.
The really important question now is what will happen IF we do not pass the bailout bill. Wall Street investment banks are gone. Financial institutions with large amounts of the toxic mortgage based securities will have to write them off. The credit market may be squeezed and our economy may suffer which means non-financial businesses will suffer also.
BUT the economy will correct itself and recover and we will still be a CAPITALIST nation. Many people will learn a hard lesson as they should and new regulations will be enacted to protect us from future financial shenanigans that damage our economy.
NO TO SOCIALISM!
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