Always on the Right Side of the Issues

September 24, 2008

Now that that’s settled down…

Filed under: Uncategorized — Tags: , , — choosetheright @ 2:42 am

I think anyone following this blog can agree it’s time for a new topic.  What do you think of the government bailouts? 

For once, I’m not really sure how I feel about it.  Maybe as I write I’ll straighten it out in my mind.  To be honest I do not know much about the stock market.  I don’t know about these huge companies and how and why they are now needing to be bailed out.  I do feel that the government forgiving individuals of their debt for getting stupid loans is wrong.  I think these people who didn’t research the loans before they got into it should just have to go through the natural  cycle and do whatever it takes to get themselves back on their feet.  With these large businesses going under though, I guess what choice does the government have?  But I don’t understand where we will come up with the amount of money on the table.  I thought we were already in a huge deficit.  Where will this money come from?  What will happen if the government goes through with this bail out?  What if they don’t?  What’s going to happen to the value of a dollar?  I am honestly afraid of what is happening in this country right now.  All this talk that things are going to worse than during the Depression.  I am hoping that my family and I can be somewhat self reliant.  I plan on planting a  vegetable garden and stocking up now on grains, and non-perishable goods in case these hard times really do come. 

Anyway, been busy and haven’t really heard what either candidate has to say about the issue.

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3 Comments »

  1. I have pretty much all the same questions as you.
    I see why the government feels the need to pay out…not just to protect big business, but also the every-man. And we all know business is mixed with politics anyway. I feel like, in general, so many people have such idealizations about how the government should be run. This is a big example of how it is all intertwined and how it isn’t as easy as people think it is to change. I personally feel like stuff like this is so far over my head…thats why I am more passionate about social issues and human rights.

    But you are smart to plant a garden…self-reliance is never a bad thing. I hate money and our dependance on it…my goal in life is to be debt free so I can wander if I want without owing anybody anything. Let’s kick it old school. haha

    Comment by Ashlei — September 24, 2008 @ 8:33 pm

  2. Hey,

    Just thought Id throw out an article on why some people oppose this bailout: http://articles.moneycentral.msn.com/News/TheEconomyDyn.aspx?cp-documentid=10624860&GT1=33009
    I think he had some good points, dont agree entirely but this one I really agreed with

    “Managing a $700 billion portfolio of damaged securities and derivatives is way beyond the capability of the Treasury. The plan now is to farm out that work to, you guessed it, the Wall Street experts who helped create this crisis. That’s absolutely, 100% WRONG.

    At the moment there are no credible standards to prevent conflicts of interest. Would an expert manager be tempted to inflate the prices of the damaged paper held or issued by the expert’s company? Of course. What would keep these managers honest? The oversight that the Treasury proposal makes impossible? How about fees? These experts wouldn’t do their work for free. Who would decide what constituted a reasonable fee for these services? Treasury again. Without any oversight.

    Congress could take a shot at fixing these problems and others — this is by no means an exhaustive list — even though most members of Congress don’t know a derivative from a doughnut. The major financial committees have staffs that, given a reasonable amount of time, could come up with regulations that improved the workings of the financial markets and take temptation to manipulate prices and fees out of the reach of Wall Street.

    But the chairman of the Federal Reserve and the secretary of the Treasury say Congress doesn’t have the time to waste on such superficialities. If Congress doesn’t act this weekend, they say, the consequences are too dire to imagine. By and large, the financial pundits have echoed this view.

    To which I say: That’s absolutely, 100% WRONG.”

    Basically, I agree that 700 BILLION in debt, that we, our children, and possibly our grandchildren will have to pay, is nothing to rush in to.

    Aaron

    ~I don’t need another map of your head~

    Comment by Aaron — September 24, 2008 @ 9:59 pm

  3. I don’t know tooooooo much about this, but I’m going to throw my opinion out there anyway. I agree a lot with the ideals of Ron Paul. In his commentary on CNN (http://www.cnn.com/2008/POLITICS/09/23/paul.bailout/index.html), he makes the case that bailouts are doing nothing more but perpetuating the failed policy we already have in place. Government bailouts will only increase the economic instability we are facing now. Changing these policies is the only solution to our economical woes.

    “Using trillions of dollars of taxpayer money to purchase illusory short-term security, the government is actually ensuring even greater instability in the financial system in the long term.”

    Like I said, I don’t know too much about this, but what he is saying makes perfect sense to me. Clearly the change won’t happen overnight though, so what is the solution in the short-term? That I’m not so sure of.

    Also, I commend Mccains “move” (for lack of a better word) of calling to postpone the debates. While some think he is acting in his own party’s favor, I would like to believe he really has the best interest of the country at heart. Call me naive I guess.

    Comment by LG — September 25, 2008 @ 11:54 am


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