Sep 30 2008
Bailout 0 – American Public 1: Why is there Talk of Blame?
The bailout plan wasn’t going to help the majority of Americans. Anyone paying taxes was going to take a hit financially to bail out companies whose executives have been living a life that the average taxpayer only dreams about. Of course the public weren’t happy. Well the House voted and lookee here, the people won! Why are the parties talking about blame? I’m confused! There is no blame. There is a sense of relief the system works, that nothing should be taken as a foregone conclusion until the votes are actually counted.
There is a buzz about the fact that Nancy Pelosi gave a speech that made some of the House change their minds. Are they so easy to be led? Having read the plan’s details, and discussed with their staff as to how their voters would react to the Bailout, they reached a decision. Do the disappointed people really think that a speech by Pelosi is going to change how they’re going to vote? I doubt it.
The Bailout was bad for average America and America is soon off to the polls. The House did the right thing, probably for the wrong reasons, but the right thing nevertheless. I have to wonder however if this had happened 2 years back, or 2 years from now, if given the same circumstances without the shadow of a general election, if members of the House would have voted the same. My opinion is that unfortunately I don’t think they would have.
Now we await to see if the lawmakers can revise the Bailout Plan so that it is as acceptable to the American people as it is to those on Wall Street.
5 Responses to “Bailout 0 – American Public 1: Why is there Talk of Blame?”
Leave a Reply
You must be logged in to post a comment.
Not A Member? Register for Free!
Now the media is desperately trying to convince the American people that they are all doomed unless the bailout still happens. The Federal Reserve lowered rates again and again, and AIG, Fannie Mae, Freddie Mac, and Bear Stearns were all bailed out in one way or another (among other measures). Each time, the stock market increased briefly, then started falling again, allowing the media and politicians to claim that one more bailout was necessary. Maybe it’s time for the economy and government to learn from their mistakes, rather than letting this cycle of deregulation and bailouts go on decade after decade.
What no one seems to understand, and what I apparently need to write about , is that Wall St. is tied in with the average American more than anyone knows or wants to admit. This is a crisis of credit. It has less to do with a few crooks in ivory towers than it does to do with my parents, who’s retirement is in 401ks, or my girlfriend, who needs a student loan to complete her doctorate, and the millions of Americans like them. I’ll get on that soon.
That may be so, but the “average Americans” I know don’t have 401ks or doctorates. All this government spending increases the probability I won’t ever receive any social security money or that the retirement age will be seventy-five by when I get there.
It’s not just loans for a doctorate, that was a personal example. Most companies rely on credit to pay for bills, wages, insurance, etc. You know, the costs of operating a business. All student loans will be effected by this, as well as car loans, mortgages, gas, food, you name it, it’s wrapped up in this.
The bill wasn’t by any means perfect, but it left it open to change things after confidence in the market was restored, and banks started lending again.
I have to agree with most of the comments here. I hate the whole darn mess. I am furious at how we have been put in a position that we have to bailout these slimmy, ego infested, pieces of complete crap that have put us in this situation. Sorry, I go a little over board since I may be forking out money to those who have WAYYYY more than I do. They can not tell me that the CEO’s of these companies do not have huge nest eggs they are sitting on and probably more to come their way in the back rooms of their office.
It is a no win situation for the average American tax payer. Just makes me sick to my stomach to even think what mess we are having to deal with.
http://upstatesc.today.com/