The Bailout is the new Patriot Act
Kneejerk reaction to a crisis.
Gets pushed through congress without being read or scrutinized.
Makes a terrible thing even worse.
Gets pushed through congress without being read or scrutinized.
Makes a terrible thing even worse.
posted by b r christensen at 9/23/2008 01:37:00 PM
15 Comments:
i'm shocked, it looks like congress has perhaps learned something in the past eight years.
Lets see, will the bailout stop corporate greed? Will it help the average person? Will it prop up a failing, faulty system for a little longer? Yes it will do that. But now it is just a matter of little boy blue trying to stop the dam from bursting......
I think you're mixing nursery rhymes/fables, but I agree with you, we're going to have to pay the piper sometime, it's just a matter of time. The bailout represents another way that the baby boomers are sticking us with their bill.
greenwald opinion piece at salon.com
p.s. who is steve?
Long time listener, first time caller.
Here's the way I see this going.
If there's no bailout package approved the economy hurts for a while now, but we get through it. Gas prices go down and property values settle in a reasonable spot eventually. (They have been .com bubble-esque and calming down the housing market is something that needs to happen.)
People get a little tighter with their money, we buy less on credit and invest less. (While less investment is bad for the economy less debt is good, and more savings is good for banks. That will, of course take time.)
The negative effects come quickly and recovery from them not so quickly.
Now, if there is a bailout package. The economy hurts less, home values drop some, but stay artificially inflated. Gas prices (and exchange rates) remain unfavorable.
People get tighter with their money, less credit less investment. Just not as much less as sans bailout. Banks get immediate capital relief.
The same negative things happen, but they happen relatively slowly.
The country adds another trillion or so to the national debt.
I don't see this as a problem that has a solution. We should be looking for ways to recover, not try to avoid this, it has already happened.
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If the problem the small businesses in Medford are having is that they need credit and can't get it right now, then the bailout would help. But easy credit is not a long term fix anyway.
If theirs is more a problem of competing with larger businesses then the bailout do anything. In fact it will reinforce the economic models that make big business so successful in America.
The last thing we need is another huge subsidy that we hope (real hard, with our fingers crossed) trickles down. As much as it's the only talking point Sarah Palin has down about the bailout, this is not about "job creation."
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ok. . . what?
whoa, nevermind i guess.
i'm sorry if that came across as snarky, it was meant as a legitimate question.
if you think something ought to be done, what kinds of things would you like to see included in a bill?
p.s. the new new one is pretty much the same as the last, except with an added $100B to make more people happy
Yeah. I believe that amendment is called the 10 for me, one for you compromise.
More realistically, 10 for me. One more for me.
i loved the quotes from some of the reps who changed from nay to yay.
"this isn't a good bill, but we had to do something."
the dow dropped about 400 points after the vote. . . . thank god the economy is saved.
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