I've always been a bigger fan of trickle down than trickle up economics- to come clean here.
I think that restructuring would have to go hand in hand with any bailout- obviously the system is flawed if it can manage to crash so splendidly.
(and memories of reading in history books about Herbert Hoover's bank bailout plans during the great depression don't help either )
Sorry, I did not know or recall the thing about Hoover.
I agree the bailout is unjust. You give money to a reckless, irresponsible crook.
They say: Let the crook lose. Do not bail him out with my tax money.
If the crook falls, the innocent people he has deceived will fall, too. Only their fall will be so much worse. The crook will be back all right.
He has friends in key posts.
The ordinary person does not have such friends. He will be out in the street.
There is justice (revenge), fairness and reason.
In the end, reason is fairness. Not to the crook, but to the people out there in the street.
Anyone care to chime in? I dont feel like paying 700 billion for the parasites of our species.
I agree with you 100 percent. Main Street should not have to bail out these parasites on Wall Street. There's also a moral dilemma. If Main Street bails them out than it sets a precedent for leaches to do this sort of thing in the future. I wouldn't bail the banks out, I'd nationalize them. What happens if you don't pay your mortgage? - the government takes possession of your house right? I say the government either nationalizes them or else liquidates the ones that have gone belly up and puts that money toward education and healthcare. Middle America - many of whom are barely making ends meet - shoud not have to incur these costs. They should tax the richest top 5 percent. Either way, someone is getting fucked but middle and marginal America are far less equipped to pay for this than the wealthy class. Will, this happen? Probably not (the prolitariat always get fucked) but I have hope that through mass mobilization and protest from the working class they will prevent this legislation from going through.
About us taxpayers: It's not about good or bad. It's about bad, or really big depression worse.
If the financial system crashes, banks stop lending to each other, businesses have trouble procuring funds, our system starts to deflate, people stop spending, and the economy grinds to a halt, meaning unemployment skyrockets and in general, people's lives get a heck of a lot worse.
The problem created by the parasites at the top WILL not just trickle, but crash down onto the rest of us if the Paulson Plan/Invest in America plan/or "the bailout" as everyone likes to call it doesn't go through.
Not to mention that Dick Fuld, Stan O'Neal, and Jimmy Cayne of Lehman, Merrill, and Bear are already out of here.
I am an ENTJ. I hate political correctness but love smart people ^_^