photo by mikelicht
Congress has to make a choice in either passing a bill for the Treasury dept. to use $700 billion to save the financial industry or not. This is a most screwed up dilemma that has probably pass through this administration.
The real problem is that Ben Bernanke (Federal Reserve), Hank Paulson (Treasury Department) and Chris Cox Security Exchange Commission) want Congress to rush and get this approved and passed as quickly as possible. I wonder why? Maybe it’s because of them that this issue even exists. For the last year Ben Bernanke has been saying the everything is fine and there’s no need to panic. That there’s no sign of a recession. While Chris Cox (the name fits him) hasn’t been doing his job for the last three years to regulate and monitor the stock market (particularly the financial sector) and Hank Paulson now wants to use our tax dollars to clean up the mess.
The $700 billion is for the government to buy the bad assets from the banks so they can start borrowing again. And where are they going to borrow the money from…THE FEDERAL RESERVE.
If the government is in business to buy junk, well then I have a 1976 Ford Pinto that I want them to buy from me. I’ll only sell it to them at the 1980 book value of it. Is that OK?
This has gotten totally out of control and it’s hard to believe that I agree with most of the Democrats in Congress that we shouldn’t bail them out. If I start a business and after 10 years I have over 70% of the market share in my region. Spend the company’s money foolishly and lose it all. Does that mean the I could go to the government and have them buy all the crap assets in my business? That way I can start all over with a clean slate and start borrowing more money. Businessmen start business’ to make money for themselves if they screw up and lose everything, well tough shit, they’re out of business.
I understand about the involvement that this issue has on the economy, but the government was not designed to be a business and should never be and that’s it, point blank.
Now that I’m finished ranting about this and I’m sure I got your thoughts flowing, please let me know what you’re thinking by commenting if you like. Thank you.
Tags: Congress, Economy, Misc
