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September 23, 2008

The Bailout

Do you guys realize that a bunch of Wall Street businessmen made bad decisions and pushed the economy to the brink of something terrible... and now the government is dedicating $700 Billion Dollars worth of our money to "bailing them out." This means that the money that the government didn't have put towards health care or poverty they all of a sudden have to erase mistakes made by corporate decisionmakers in search for more and more greedy profits.

It doesn't seem right.

And this was just WAY too quick. $700 Billion dollars should never be spent on the basis of a plan that was quickly pushed through in a week. Newt Gingrich said:

Congress was designed by the Founding Fathers to move slowly, precisely to avoid the sudden panic of a one-week solution that becomes a 20-year mess.

But that is exactly what is going on here.

It just doesn't seem right to me.

Posted by jason on September 23, 2008 12:13 AM

Comments

Crazy, isn't it?! Definitely between a rock and a hard place. Bail them out and get the country into more debt. And if they don't bail them out, more financial institutions crash, and they risk another great depression, ruining more people's retirement and bank savings!

Posted by: Chris on September 23, 2008 06:44 AM

this whole thing sounds scary...people in the cast are talking about withdrawing all of their investments and putting them in a box under the mattress...

Posted by: jessica on September 23, 2008 11:31 AM

I think it sucks even more when you personally know greedy the morons that run the banks and insurance companies are.

Posted by: Janice Guazzo on September 23, 2008 01:28 PM

How about the fact that the CEOs that put the companies and the country in this place will still collect their millions of dollars in salary...

Posted by: Heidi on September 23, 2008 02:54 PM

Like Chris said, the bailout is a conundrum. It seems like a bailout for everyone, not just the companies themselves.

A story on NPR today mentioned that this whole problem has been caused not by foreclosures, but by the fact that mortgages have been bought, sold, split and parceled into so many different securities that nobody is sure where the problematic ones are. It's sort of like throwing out an entire skid of birthday cakes because you know there's a hair in one or two of them, you just don't know which ones.

Democrats want to include clauses in the legislation that would cap the salaries and severances of executives of the corporations in question. I'm inclined to agree.

Posted by: Mike on September 23, 2008 05:02 PM

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