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should we let the financial institutions fail?
Published Sep 24, 2008Views: 655
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?
Filed under: Politics
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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.
GOLO member since April 10, 2008
September 30, 2008 2:36 a.m.
Who wants to run for president on that one?
GOLO member since May 23, 2009
September 29, 2008 7:52 p.m.
GOLO member since May 23, 2009
September 29, 2008 7:50 p.m.
GOLO member since May 23, 2009
September 29, 2008 7:49 p.m.
GOLO member since October 26, 2007
September 28, 2008 2:34 p.m.
September 28, 2008 10:14 a.m.
Who was watching the store here? People in DC need to be fired!!
GOLO member since May 4, 2008
September 28, 2008 12:50 a.m.
September 27, 2008 6:05 p.m.
GOLO member since July 3, 2007
September 26, 2008 4:11 p.m.
September 26, 2008 11:54 a.m.
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