Fearmongering abounds before and after the bailout vote, but the sky didn't fall. Any day that both Pelosi and Bush get punched in the face is a good one for me and for America. Even though the American people spoke up and resoundingly said NO and the congress (with an election 2 months away) ACTUALLY LISTENED TO THE PEOPLE and voted no!!! and the system worked (albeit briefly) we are still not out of the woods yet. The canditates both have their wet thumbs in the air trying to find out which way the wind is blowing. Keep on your congressperson, don't let them waiver. Don't listen to Chicken Little. The sky didn't fall.. (not yet anyway).
Check out this article (thanks Mark P.)
Bankruptcy, not bailout, is the right answer
"Talk of Armageddon, however, is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else. This might not happen instantly, but it will happen."
update: another great article...
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3 comments:
You've posted persuasive articles! I'm still unsure. Although, I have to do more reading before I call you up!
here's another pro-bailout column from the Krug Man:
http://www.nytimes.com/2008/10/03/opinion/03krugman.html
I just don't know. Perhaps I'm all for not being too hasty!
WHy not give them 350 billion.. split the difference? Why 700? Why is there no oversight, even now there is a committee that has no oversight, just gives suggestions to Paulson? Are we going to ask ourselves what is the DOW going to do before every decision in this country? Are we its slave now? If we are going to have a recession then we are going to have one.. robbing Peter to pay Paul only buys time, and is no way to run a country (especially when you and I are Peter). Also, when the bill was voted down the first time, it was because it was fundamentally wrong... not because it needed 100 billion more "goodies" we cant pay for tacked on to it as Pelosi and Ried and McCain and Obama seem to think. Also, in an election where earmarks are a huge issue, why is no one talking about all the shit tacked on to this "must pass" bill. I could put a 10,000 dollar tax rebate on child molesters on that thing and it would get through. I cant believe the system worked and then they came back with the new bill and bent us over the table even harder with all those earmarks. I am so frustrated with this whole thing. I am voting for Ron Paul.
SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.
awesome... simply awesome. Is this the sweetner those asshats needed to pass this thing...
Okay, so it passed.. guess what, the Dow went down... back to the drawing board! How else can we get money to burn before the Wall Street Altar we all worship now. Everyone quick give them your wallets and ask them nicely to please keep the S & P up! F@#K that!
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