Does anyone else think this bailout is completely wrong for America?
If our government takes on this $700 billion debt, we will lose a whole lot of money. A good way to measure whether this money will be "paid back" is to see whether or not there are banks like the Federal Reserve looking to take over these bad loans. If it were profitable, there would be countries and banks worldwide lining up to take advantage of it. This is not the case. We are going to spend taxpayer money and then pay it back with American taxpayer's money? Are you kidding me?
How about we give the people $700 billion of tax relief and watch them pay off all of their loans? Wow, guess what, the GOOD lenders will be able to balance their accounts again AND the American people can work to get themselves out of debt. Stop taxing small business for a while and watch jobs grow again so people can find work and pay their mortgages again. Allowing financial industries to balance numbers on a piece of paper will not help Americans pay their mortgage or help rebuild our economy, which is the ONLY thing that will help avoid a recession. All it will do is free up more money to be loaned out (OUR OWN MONEY BEING LOANED TO US) to build up MORE debt for Americans.
I understand that many people are in trouble right now, but this is not the proper way to help the people as a whole. We have to give the people money to get themselves out of debt and revive the economic security necessary to get businesses to take on more debt themselves and open up new jobs. This security is only provided by consumers having money to spend and the willingness to do so, which is not the case as people are becoming much less secure in taking on more debt.
Anyways, enough rambling, there are MANY things I do not cover, but please share your ideas or thoughts on the matter. I would love to hear any and all positions on this matter.
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Comments on Does anyone else think this bailout is completely wrong for America?
Yes.
So wrong.
Stop the madness!
The more I hear. The more I think this.
Yes, Let it burn!
I want to see these billionaires hurling themselves out of sky scrapper windows and the rest of them who didn't spare us with their continued existence selling apples and shining shoes on Wall St.
It is not great but it is better than a worldwide depression. Peace
The government needs to step aside and let nature takes it's course. I've thought about this a lot and at first agreed that we needed to help, but I've changed my mind. This would set a precedent that this country doesn't need.
It's better than doing nothing. If these lenders are left with this debt that can not be sold or repaid in a timely manner, then they can not lend any money. If they cannot lend money, investment and expansion will dry up. We could have a world wide depression.
The debt is not worthless – it is collateralized by real property. True, that property is worth less than the debt owed on it, but not zero, and probably is worth more than 75% of the outstanding debt. And Uncle Sam has time. Sitting on all that debt and the corresponding collateral is something the government can afford to do, but the money lending industry can't. There is a small chance the governemnt will make money on the deal. But there is 100% certainty that everyone will lose money, jobs, income, and equity if the entire investment banking system collapses.
I want to know who is going to profit from this bail out besides the bankers. The public as a whole will not, people in foreclosure will not so who benefits. This smells like the savings and loan bailout of the 1980 era when President Reagen's son made millions scamming the public out of money and was never brought to justice
I've followed the politics of this administration thoroughly. Today after watching the hearings and the pundits, there is no doubt in my mind, this bail out is politically motivated.
Republicans are expected to lose many seats in the House & Senate + what if McCain loses this election? The favor is in the Democratic court, so to speak. Doesn't look good for them at all. I don't think McCain will vote for this package no matter what's in it. There are a lot of Democrats that say if the Republicans are not on board, they aren't buying in to this package either.
Cheney had a meeting today & the Republicans were not convinced by what they heard from Cheney. Since the trickle down theory has now been "proven" not to work, the trickle up theory will "hopefully" be the new rule.
There is no guarantee that this package, if it passes, will help the economy. What it WILL do is help Bush's Wall Street buddies. This US economy crash was predicted over 2 yrs ago. I have not heard of any other alternatives even offered. That alone, should make anyone a skeptic in addition to the amount of time they want to cram this through the House/Senate.