my problems with the bailout of Wall Street

29 09 2008

Today I found out about a blog called HolyCoast, which appears to be mostly about politics from a conservative angle, though he’s also a member of the Christian Bloggers Network (which is how he found me).  Anyway, I don’t know anything else about his site, but I wanted to share a couple of quotes from things he wrote today about the current financial crisis.  The first one makes you think, and the second one is funny (in an ironic way).

One economist I saw made a good point about the bailout bill.  Nobody wants to see guilty parties go free, such as banks that made bad loans and homeowners that didn’t pay their bills (well, maybe some Democrats aren’t bothered by that, but most of us don’t like it).  However, if we oppose the bailout and the plan fails, millions of Americans who did nothing wrong and have dutifully paid their bills will be punished as they see the value of their investments plunge, including their biggest investment, their homes.  This is one of those difficult situations in which a few bad guys may have to be excused to keep from punishing millions of innocent people. ~ Rick Moore

That makes a good point.  I don’t want to see these big corporations bailed out from their bad investments.  They buttered their bread, and now they can lie in it.  🙂  (That’s my twist on a famous quote.)  But America is in such a dire financial crisis, which I think is worse than the news reports, and perhaps something needs to be done for the short-term stability of our economy.  Also, another perspective is the people in retirement or near retirement.  It’s easy for me to forget about that, because retirement is over 30 years away.  But if the stock market crashes big-time like in the Great Depression, that will really hurt a LOT of people.

Now onto the humorous quote:

Is it not more than a little bit ironic that in Washington today we have liberal Democrats trying to give billions of taxpayer dollars to rich bankers and Wall Street moguls while conservative Republicans try to stop them? ~ Rick Moore

Ironic, huh?  Maybe things aren’t always what they seem (or what is always reported by the mainstream media)…

Also, somewhat related, here’s Mike Huckabee’s thoughts on the $700 billion government bailout that’s being voted on today.  He makes a lot of good points, and he’s one of the few politicians willing to take a stand on issues.

While I’m on the topic, let me make a quick rant.  The government is trying to push this through as fast as possible, to the extent that some House members are saying they haven’t had time to read it yet.  How can they be expected to vote on a bill this huge and with this much far-reaching impact, if they haven’t even read it?  They need to read the fine print, to prevent hidden earmarks from going through.  And there should be more discussion, I think, because of what I’ve heard, the only option is putting $700 billion in the hands of one man to fix this mess, and there has to be a lot of other options, some which would be better for our country.  Putting a band-aid on problems is one thing, but spending $700 billion which the government doesn’t have is not a mere band-aid.  I wish our politicians in Washington DC would treat the government’s money (which is our money) like their own…

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One response

20 10 2008
Thomas Wayne

I heard a Washington insider say the proposed $700 billion plan wasn’t a bailout of Wall Street, that it was just to stabilize the economy. But isn’t it still a bailout?

Politicians seem to try to trick “normal folks” with their smooth talking. That’s like Obama saying he’s not at all into socialism, but then he says he’s going to take from the rich to give to the poor. But he always puts it into easier-to-swallow wording for those who don’t read between the lines.

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