(Untitled)

[scionofgrace]

I just wrote all my congressmen about the $700 billion bailout currently being discussed.  To the effect that I really, really don't want it passed, on account of it being a supremely stupid idea.  If I've learned anything in my life, and in the past two years working in finance, it's that the only way for businesses to stay honest and profitable

Comments

[jd3000]

Well, that would be a bit like letting a highway bridge fall to spite the transport administration. A lot of innocent people suffer the consequences along with the corrupt. The justice and oversight system is completely fouled up, but I'd rather a few fatcats go free than millions selling apples on the street.

-JD

[scionofgrace]

Not necessarily. Bull and bear market cycles are natural, and to be expected. The banks took on a boatload of risk these past six years or so while chasing profits, and should be held accountable for it. If the government bails them out, then it will be responsible for massive amounts of debt which may or may not be paid back. Meanwhile, the money they used will have been provided by foreign interests, driving our country even farther into debt. The problem with fat cats going free is that it makes it that much likelier that we'll be in a worse position within the decade, perhaps with nothing at all to bail us out.

A depression, on the other hand, rebuilds the economy, albeit slowly, to something more realistic and sustainable.

[engelhardtlm1]

How can it be a stupid idea?

I mean, surely bailing out the banks after they made risky loans will teach them not to make risky loans in the future, thereby preventing any future crisis like this one.

Right?

*sigh*

[katvagrant]

I think it's kinda cool that you're pretty conservative and I'm pretty liberal, yet we agree on this.

[scionofgrace]

::laughs:: Well, you know, if to Democrats, you say "bailout for the rich," and to Republicans, you just say "bailout," neither of them will be very keen on the idea.

[serenadesha]

I keep going back and forth between your opinion (especially as related to the national debt/irresponsible businessmen part) and the opinion that something needs to be done and this is the only option being pushed at the moment. I still haven't decided how I feel, but I do feel similarly to you... sometimes. :)