Tuesday, September 23, 2008

Bailouts

I'm against 'em. Here's why:

We, the people, aren't being given all the information. Just like the lead up to Iraq we're told the minimum, that it's really bad, but by omission that we can't handle the truth. I would like to know what companies, specifically, are responsible.

People need to go to jail. My wife quit her job working in a mortgage brokers office almost two years ago because she saw the fraud going on there. Brokers putting in whatever numbers were needed, nothing being verified. Simply wrong. Who let this happen? From brokers in cubicles to hedgefund managers in corner offices, people need to be held accountable.

People that took out bad loans need to lose their houses. They were fools, and that's the price of being a fool.

I'll take a hit, too. Already have if I consider the drop in home value. I expect to take greater losses as the market was over-inflated and we all knew it. I never thought my house was worth what they said it got to anyway.

Bailing out the banks, hedgefunds, homeowners, whomever, is a disgrace and a mistake. We need to take the hit now and pay the price of our collective foolishness in this generation. Growing our deficit by another trillion dollars or so will only lead to a greater fall when it comes.

Bailing out any foreign investment company that bought bad bonds should be seen as a crime against the people. Businesses make mistakes and go out of business. Even big businesses.

This being right up against an election and the vacation of Congress makes it all the more important to be brave, say what needs to be said, and act accordingly. I'd love to here Obama say "People, we're in a world of hurt in the economy. We can't bail everyone out and have to take the hit because if we don't, it will only get worse. We CAN, however, take this hit and grow back better than before. We CAN, however, build a new energy infrastructure and grow our economy while lowering our balance of payments at the same time. We CAN overcome this, but borrowing our way out of it isn't the answer."

and when the crowd starts shouting "Yes. We. Can!" I'd want him to quickly quiet them down, ask them to look at each other in the eyes, and speak it softly, accepting the responsibility, saying again, "Yes. We Can."

3 Comments:

Anonymous Gods Warrior said...

I agree that people who purchased homes that they knew they couldn't afford should lose it. I pray for them but a foll and his money are soon departed.

9/24/2008 5:54 AM  
OpenID talesofaswallow said...

well said!

9/24/2008 6:42 AM  
Blogger Dragonfly said...

Borrowing money that you will never pay back = borrowing trouble

11/02/2008 3:38 AM  

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