Surprisingly I thought Bush came across pretty well. I think he presented a good case. He explained the problem, why it happened, and how they want to solve it. As much as I don't like this plan from the standpoint of public tax money being used to bailout private companies that mismanaged themselves, I understand the implications of not doing it. My problems is doing it right:
- Making sure the money goes to the right places
- Making sure regulations change to prevent this from happening again
- Making sure that the people who put us in this position pay for their carelessness and get to just keep the millions of dollars they jumped ship with. Something HAS to be done about that.
From the way things were described, in the long run, we might actually make out AHEAD in this deal.
If the government buys up all the bad mortgages that are sinking these companies at low prices, the housing market recovers, house prices go up and are sold, then the money from those increased price sales might actually cut into the federal deficit. Wow! How'd that happen? Is it possible that Bush might actually do something successful before he leaves office? Of course, let's not forget that it was his administration's policies that put us in this position to begin with.
Anyway, I'm more open minded now. I don't like the idea of using taxpayers money to help wealthy companies recover from the dumb mistakes they made, but as long as reform is done, oversight is setup, and things are done the right way, this could, in the long run, be a very good thing.
Only time will tell.
1 comment:
I'm against a bailout. The market needs to correct itself and throwing money at it is not how it will be corrected, it will just prolong the inevitable.
I'm very skeptical of the Bush administration in general, and am kind of feeling like they're the boy who cried wolf one too many times ... and i don't believe them this time.
I certainly don't believe them when they're pleading for $700 Billion (remember initially it was $80 Billion, then grew to $100+ Billion and now is a whopping $700 Billion?!). Oh yeah, and nobody can investigate or ask what we're doing with that money ... I'd say there's going to be alot of happy bankers with a payday like that! They'll probably hire the very same people who put the industry in it's current state to come in and help clean up and they'll be paid extrememly well to do it ... getting paid from both ends...that's why they don't want any questions asked, they know there'd be an uproar.
Nah, fool me once (Sadaam Hussein has weapons of mass destruction...) shame on you ...
I think Bush and Cheney have done too many underhanded, dishonest and downright illegal things for me to give them my (and my childrens) future. I refuse to let their scare tactics work on me again.
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