Posted by Tom L. on 9/25/2008, 5:06 pm, in reply to "What other choice is there?"
We'll just be rid of some bad firms that didn't follow very good lending practices. Believe me, there will be other firms who do follow good lending practices that are ready to step up and take their place.
The choice we have in front of us is this:
Pain for the short term (let the bad guys fail)
Pain for the long term (bail them out)
The bailout plan will simply lead to more crises down the road. All it does is treat a symptom. It does not cure the disease.
If we let these lending houses fail, commerce will still go on, food will still be brought to market and production will continue.
But the market will correct itself naturally rather than a government intervention making things even worse.
On a more personal note, I have to say that as a person who works hard, keeps myself gainfully employed, pays my bills on time and lives within my means, I do not like the idea that I will end up having to pay for someone else's irresponsibility. After all, if I gave all my money to someone who couldn't pay me back and I default on my mortgage payment as a result, would the Feds cut me a check to make up the difference? No, they wouldn't. They would let the bank take my house.
Multiply me by millions of other taxpayers, and that is why there is so much opposition to this bailout.
(Apparently, Congress and the President only have ears for Wall Street right now.)
That's my take on it.
Tom L.
Class of '84
--Previous Message--
: I agree that it's a bad idea. I'm not for it
: at all. But given the state of the economy
: right now, if something isn't done, won't
: that kick off a domino effect and basically
: collapse the economy completely? Or at least
: what's left of it...
:
:
:
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