Posted by
Patriotic Woman on Wednesday, September 24, 2008 2:34:13 AM
Imagine if your kid
stole your credit card and ran up charges worth 100K. What would you do?
- Close the account and pay the entire balance and take the kid to court for restitution.
- Close the account and ask the kid to work and make payments for as long as it takes to pay everything back.
- Close the account and take legal action to garnish the kid's wages to pay back what he or she stole from you.
- Keep the account open, pay the balance and give your kid 7 other credit cards worth 100K, and blame it on the credit card companies and the financial system that allowed your kid to charge your card. Then hope that your kid will learn his or her lesson and use up the new 700K credit line wisely.
The financial industry bail out being proposed by the federal government is equivalent to option 4. Wall street has mismanaged all their credit lines and the solution being proposed is to 'give them a bigger credit line' without any conditions. The wall street crowd is holding the federal government hostage by saying ' we either get all the 700 billion in the next week or the economy collapses. We won't accept 150 billion and wait to account for it in 90 days'. This is the worst hostage crisis in our history and it's about time, we the people took action. No bail out, and yes, we can survive without wall street. How did our fore father's build this great nation? Not by leveraging or taking irrational risks! We the people need to let wall street know that our economy will not be held hostage by greedy people who put their self interests/profits first then buy politicians to get them to turn a blind eye while they rob us blind. It is unfathomable, and we the people need to refuse any negotiations with terrorists in wall street.
The case against financial bail outs is simple. If we bail out wall street at the price of 700 billion dollars and allow the same crooks to continue running financial markets then next time (and there will be a next time), they will require twice that amount of money when they hold the federal government hostage. They will say 'pay up or we will crash the entire economy'. Payers always get into hostage situations because if you can pay once, you will pay again and again. The people holding the federal government hostage know that if they can create enough panic and raise the stakes to scare the federal government, the politicians will pay for their miscalculations with our money while making us believe that they are doing us a favor. My fellow americans, we the people must hold our federal government officials responsible by letting them know, we won't bail wall street no matter what the cost.
What if the economy melts down? Who said the economy will melt down? The same people who set it on fire. At this rate, their word should not be worth a cup of coffee at a gas station. I think this mess is made of 5 to 7 financial institutions whose contribution to our economy may be sizable but do not rise up to the level of a 'complete economic meltdown'. Remember, our economy has multiple sectors that are doing well. What is the total number of people who will lose their houses? That percentage is less than the number of people who will keep their houses. What is the total number of financial institutions that will collapse? That number is less than the institutions that will thrive. Also, we would rather have fewer but solid financial institutions, even at the risk of a really tough economic slow down, than have multiple weak financial isntitutions being managed by crooked investors and politicians.
If we bail out these crooks and crooked politicians, it will send the message that future investors can make even riskier investments because if their financial risks/miscalculations draw losses, they will hold the federal government hostage until the federal government pays up using tax payers' money. This hostage situation can only be stopped by stopping all bail outs. Asking all the people who are responsible in the political and financial arena to make restitution. Stopping all bail outs will minimize the power of wall street and allow we the people to build our financial industry on solid ground. What did our fore fathers do during the great depression? they build up our country one idea at a time.
My fellow americans, let's go back to the drawing board and trust our ability to create wealth using simple ideas that are supported by the free market. Let us not succumb to wall street terrorists who are holding the federal government hostage and saying 'give us 700 billion of the tax payers money or we will crash the economy'. If our country is so weak that without the 6 financial institutions, our economy would collapse, then what we need is new institutions built on solid principles, not a bail out of weak financial institutions.
Why shouldn't we support the bail out plans? because we should neither trust the federal government nor the people who created this mess with 700 billion dollars of our money. It is unacceptable that our federal government expects us to trust these crooks again with more money than they mismanaged the first time. Who is running america? Wall Street or Main Street? We can end this hostage crisis right now. Call your congress person and say No Thanks to the bail out this week or ever.
While wall street was holding the federal government hostage this weekend, the Russians were delivering missle heads to Venezuela. Energy Independence is imperative if we intend to keep our financial markets strong. It is also a good reason to drill locally and keep 700 billion at home by creating new american jobs that provide american energy with clean coal. We don't have 10 years to wait for wall street to hold the federal government hostage again. Drill here, drill now and pay less at the pump while creating american made clean energy.