A few random thoughts about the financial bailout of banks and other financial institutions that is dominating national news this week:
I understand that our economy is in trouble, I really do. I think we in Middle America have experienced that trouble for quite some time now. But I remain unconvinced that not giving $700 billion to banks is going to mean the economy grinds to a halt. Im tempted to hope that Congress denies the proposal, and let the market work itself out. Though, I know thats not going to happen.
Its good to see at least some Republicans being Republicans again. You know, the ones who think the government has no business using public tax dollar to bail out private business debts. Those folks remain in the minority of their party, but theyre voice is beginning to be revived.
Theres no way Ken Paulson should be given unchecked authority over how the bailout money is used. In fact, I think Paulson and everyone else who was in charge who let this economy go from fundamentals are strong to the brink of collapse in the matter of a week should be fired ... without a golden parachute.
And speaking of golden parachute, its the overused phrase of the moment just as red meat was during the party conventions.
I fear rescue plan is soon to be the next overused phrase. It makes me angry that the spinmeisters are working so hard to get us all to refer to this as a rescue plan rather than a bailout. Its a bailout!
I think almost everyone in America has very little idea about what actually is going on, including the lawmakers were counting on to come up with the right fix. That being said ...
Tell me if Im right or wrong about this. Boiled down to most simple terms, this bailout would use taxpayer dollars for the government to buy bad mortgages from banks and financial institutions. Rather than giving this money to the banks, why not give it to the homeowners who are stuck in the bad mortgages so they can keep up with their house payments themselves? Couldnt the government, then, as part of its oversight, determine which loan terms were established fraudulently and redo them to the homeowners advantage? Wouldnt this be a better way to ensure that Main Street gets the same consideration as Wall Street, which so many of our politicians like to stay?
Im just sayin ...
I understand that our economy is in trouble, I really do. I think we in Middle America have experienced that trouble for quite some time now. But I remain unconvinced that not giving $700 billion to banks is going to mean the economy grinds to a halt. Im tempted to hope that Congress denies the proposal, and let the market work itself out. Though, I know thats not going to happen.
Its good to see at least some Republicans being Republicans again. You know, the ones who think the government has no business using public tax dollar to bail out private business debts. Those folks remain in the minority of their party, but theyre voice is beginning to be revived.
Theres no way Ken Paulson should be given unchecked authority over how the bailout money is used. In fact, I think Paulson and everyone else who was in charge who let this economy go from fundamentals are strong to the brink of collapse in the matter of a week should be fired ... without a golden parachute.
And speaking of golden parachute, its the overused phrase of the moment just as red meat was during the party conventions.
I fear rescue plan is soon to be the next overused phrase. It makes me angry that the spinmeisters are working so hard to get us all to refer to this as a rescue plan rather than a bailout. Its a bailout!
I think almost everyone in America has very little idea about what actually is going on, including the lawmakers were counting on to come up with the right fix. That being said ...
Tell me if Im right or wrong about this. Boiled down to most simple terms, this bailout would use taxpayer dollars for the government to buy bad mortgages from banks and financial institutions. Rather than giving this money to the banks, why not give it to the homeowners who are stuck in the bad mortgages so they can keep up with their house payments themselves? Couldnt the government, then, as part of its oversight, determine which loan terms were established fraudulently and redo them to the homeowners advantage? Wouldnt this be a better way to ensure that Main Street gets the same consideration as Wall Street, which so many of our politicians like to stay?
Im just sayin ...
