Golo
golo managing editor: blog

golo editor's blog


should we let the financial institutions fail?

Published Sep. 24, 2008

I've been following this economic bruhaha to the best of my ability: reading various perspectives, watching political pundits and various experts on television  and reading individual blogs and websites.

One interesting take I read today essentially says that we should "let the financial institutions fail."

In regards to the huge bailout sum of $700 billion, one particular blogger writes:   

"it's your money anyway, and having it used to reward stupidity and recklessness is a surefire way to waste it. There is no averting this economic crisis, it's here to stay and it will be a while before it goes away. Deal with it, and move on, because all of this bailout talk is nothing but a short-term solution to a long-term problem. Just do nothing, and let the market correct itself. Trust me, you will be better off, in the long run, that way!"

 

What do you think GOLO? Would it be best to do nothing?



85 Comments


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methinks - sensationalist right-wing spin. You have less than half the story. ACORN was a non-factor in the vote.

The actual initial legislation proposed that IF the government happend to actually EVENTUALLY make a profit out of the assets that Wall Street and everyone is calling 'toxic,' approximately 14% (if I merember right) of these profits would go to a fund to help low income people buy houses - ACORN or a similar group.

BUT, --that part was removed from the final bill-- before the vote according to USA Today, page 2 article Sep 29.

So, none of the $700 was ever "earmarked for ACORN," and any similar housing assistance 'earmark' never made it to the final bill congess voted against.

Oh yes.. we need a new political party to replace the democrats and republicans.. it's called the COMMON SENSE PARTY.

Who wants to run for president on that one?

send too soon.. nobody bails out the average jqpublic when they mess up, they have to deal with a bankruptcy and then rebuild... so do the banks.

the posters as a general rule say that the banks should fail, and I agree.. nobody bails out the average j

I agree 100%. This morning I heard Thadeus Mccotter,R-MI, say that this is just the FIRST bump in the road for the new economy. I agree that bailing these people after (well after they have relaized their profits) and giving the bill to the Ameican taxpayer (even to some foreign banks) is a classic snipe hunt with us left holding the bag. You can bet that once we are left with a bag of unknowns that these people will be planning their next tax grab. The next one will be "universal health care" which will be spawned after Ted Kennedy dies from cancer. He will be the poster child for that one -just watch.

These big businesses don't offer us free money when we're a little short on cash....why do we have to give them our money because they're too stupid/greedy to run a business?!?!?!?!?!?

Gawd, when will this garbage end?

Who was watching the store here? People in DC need to be fired!!

Did everyone know that a group called ACORN has been designated by the Democrats to receive 20% of the money from the bailout? This is ridiculous! Both presidential candidates spoke against earmarks and the dems want to fund a group that has been charged with voter registration fraud in 12 states. Unbelievable, almost that is. This is Congress after all...

nomoredh, please check your math. You have added extra zeroes.

WHOLE HEARTEDLY - YES! As an entrpeneur, I do not have the freedom to go to the Federal govt and say, my restaurant did not make money this month, I cant pay my lease, cant pay my suppliers; bail me out. Why is it that these large corps who have CEO's making in the millions where winning a lottery would be chump change to them - allowed to do so. I think it is putting a band-aid on a much larger problem, and honestly I commend the Republican Party for showing that NOT all the time will they side with their "man".. Good for them! Yet on the other side, there is always a willingness to spend the money not yet available. But that is not the focus of this comment. In answer to the question - should we let them fall - again I say YES, Yes, yes! NOW maybe the smaller banks and large corporations can rise up and really bring back customer service, customer quality, and most of all a personal touch to the people.

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