It’s funny. Henry Paulson and Ben Bernanke claims that without the bailout, we’ll all be in dire straits. Not being able to borrow money would definitely be a problem.
But wait, haven’t we seen this before? Stock market tumbles as Wall Street analysts looked to the Fed to cut rates. We’re not talking about the first time either. This was the third, and fourth, and so on. And what happened? Main Street took a beating. The problem was that the expectation was there. And here we go again, the larger banks that made risky investments are getting a free pass at showing everyone else that it’s not only okay to lose people’s investment in your corporation but you even get out of it if you’re large enough.
And to that, I say ridiculous. Of course, politicians wise, I don’t believe they actually understand the crux of the problem since overall, it seems that it effects us all but yet Democrats don’t really care it seems:
“It’s their problem. It’s their bill. And they’re going to have to figure out if they can support it,” House Speaker Nancy Pelosi, D-Calif., said of Republicans.
Totally not the way to look at things, my dear Nancy. In fact, the summing up of this entire thing was best said from a Republican.
Sen. Jim Bunning, R-Ky., said, “This massive bailout is not a solution. It is financial socialism, and it’s un-American.”
Whoa. What words. What grace. I’m actually glad I’m an Independent voter now. Look out for that Bunning guy. He might actually have some sense in him.
All the while, you watch Dow Jones plummet. Know why? They’re “expecting” the bailout. Again looking for Big Brother to step in. It’s time that the bigger banks that screwed up face up to their mistakes and either dissolve and let smaller banks take their place, or merge their bad liquidity with someone that’s stable enough to take on the debt. Because if that $700 billion bailout plan passes, it’ll be another financial burden upon Americans. We won’t even go into the crazy wording in the plan that actually points out that the Treasury Secretary has the right to basically do whatever without blowback. Scary clause. You’d think someone pushing an emergency plan at that large sum wouldn’t throw that out.
In a perfect world, there would be a changing of the guard. Other banks take the place of the investment banks that failed and the world keeps moving along as we watch the financial life cycle occur. But unfortunately, this administration wants to play God with the entire process and Congress will probably still let it through when push comes to shove. Who loses? American taxpayers are the ones that get burned in the end.