Do you still doubt that the bail out will go through? Seems to me that it has to, it's just a matter of when. Man the market is awful right now. Should see a relief rally if the bail out goes through. I just wonder when?
Great post. I would only personally comment that - "no one was forcing the banks to give loans to people..." - was a PART of the problem. There were many loans forced on backs as the alledged solution to redlining.
Sen Shelby and Sen Demint have come out against the Bailout. Two very powerful senators. Newt has come out against it. all three are very powerful conservative voices. If they are against it it will be very hard to pass. Main street is calling the Washington switchboard and melting down the phone lines with No votes. To vote for this bill agains tthe wishes of the majority of America 6 weeks before an election is nothing short of political suicide. I do not think that our leaders worry about the country more than they do about their job. Even if it will sink us into a depression the Congress people would rather have their jobs then save the country.
I'm not a big fan of this bailout but I believe we need to do something. I don't think we need to give one man power for $700 billion.
I would rather cut capital gains/div taxes to zero, cut corprate taxes to zero and let the market deal with it with some massive injection of liquidity.
This is going to sound coldhearted, even though I don't mean to be that way, but why does a bailout "have" to go through? And why should we write a $700 billion check to the people who were supposed to have this "all under control" a few short months ago?
I'm not going to pretend that I know what to do, but a free market is a free market. When companies and individuals make mistakes (even big nasty ones), they are supposed to pay for it. Other market players take advantage, and it eventually will work itself out.
I don't see how $700 billion to "free up the credit market" will help solve the problem. Didn't we get into this mess because credit was TOO free? Wouldn't a credit "tightening," in fact be the solution (albeit painful)? The problem is lack of responsibility by individuals and companies, usually the only way we humans learn a lesson is by paying for the consequences of our actions. Right? Wrong? Ideas?