What a sad state we have found our economy in. In the last week several brokage houses on Wall Street have declared bankruptcy, led by AIG. The result is a rush to judgement decision by our 'president' to propose a $700 billion bailout, with no plan of over sight as to how the money is spent. I am sorry, but this has to be one of the, if not THE, worst idea in modern US economic history.
For one, the money will have to come from the tax cofers, meaning that we tax payers will have to foot the bill for this. I dont know about you, but I have no desire to be 'part' owner of several companies that have no idea how to run themselves and make money when I, and every other tax payer, wont even have any say as to how they will be run. Secondly, where the fuck are they going to get all this god damn money?!!! I mean, hell, if they can come up with this much effing money to bail out Wall Street to "keep our economy from falling into a depression", then where the hell is all the money we need to repair our crumbling infrastructure? Or how about our public shool systems? I suppose they just plan on 'printing' it. Yeah, like that is a good idea. As if the dollar isnt weak enough on the global market, generating another $700 billion worth of it-with nothing to back it but our 'word' that we will pay it back-should do wonders for its value. Oh yeah, I can just see it now...falling into a bottomless pit so deep that the effing peso is worth more than the dollar on the global markets. Fortunately, it looks as though Congress is going to be smart about this one and tell Dub-ya to stick it where the sun dont shine-as they should...
Personally, they should just let all these companies fail. Yes, I know, allowing it to happen would most likely send ours, and the global, economy into depression, but to me the solution is akin to that required by drug addicts when they need help-most times they have to reach bottom before they will seek help. And by bailing out all these companies they learn nothing except that if they get into trouble the Fed will step in to save-the-day (trumpets please)! Give me a break...Supposedly we live in a free market capitalistic society, and compnaies fail all the time here. You dont see local governments stepping in to bail out small business owners when they have to close their doors do you? No, of course not. And this isn't any different. Sure these companies are much larger and they hold billions and trillions of assets globally, but we should just let them fail. It's not as if someone with the capital-i.e. Trump, Gates, Buffet, or someone over seas-wouldnt step in and start up another company to fill the void left behind. And, by letting it happen that way, Wall Street and our Fed Govt would learn their lesson about just letting anyone and (quite literally) anything have credit-no matter how trust worthy they are.
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