Ken Harrison 10:30 a.m., July 31
- Community Blog
I just read several stories about the latest on the Wall Street bailout and decided to write about this again:
Well, the financial "crisis" rears it's ugly head again. It now seems that Congress may pass a bill to bail out those pesky Wall Street firms, thereby rewarding them for their crass, careless behaviour.
"Every member of Congress and every American should keep in mind that a vote for this bill is a vote to prevent economic damage to you and your community," said Bush, fully aware that congressional passage of the $700 billion compromise legislation is far from assured."
The president argued that jittery U.S. taxpayers will benefit from a number of safeguards that lawmakers wrote into the pending legislation, including checks and balances on the operation of the program, curbs on "golden parachutes" for top executives of firms getting help, and assurances that taxpayers would ultimately be reimbursed by the companies for any losses.
Like Bruce Springsteen, I was born in the USA. I have never seen a reimbursement from anybody for anything, where government intervention is involved. Did you notice that the top executives may have to endure a "curb" on golden parachutes. WOW.
I received a response from Senator Feinstein stating:
"Now, this isn't just about Wall Street. Because we are this credit society, the financial troubles facing major economic institutions will ricochet throughout this Nation and affect everyone. So I believe the need for action is clear. But that doesn't mean Congress should simply be a rubberstamp for an unprecedented and unbridled program."
This whole debate about a financial crisis is fear mongering. If they scare us enough, we will change our minds. Sorry, let those wealthy financiers ride out the mess they created. I continue to believe we should let the chips fall where they may. Thousands of American citizens have been writing, calling, e-mailing, Congress, to express their opinions. As the polls say, the people say NO. A true representative government would go along with their constituency and "just say NO". Such a bailout is dangerous because the financial market enjoys very little oversight & this may not solve the problem.
"Still, Bush hinted that this may not be the last intervention required. "Even with the important steps we're taking to address the current crisis, we will continue to face serious challenges," he said."
These quotes are from a new story: http://news.aol.com/article/house-to-vote-on-massive-bailout-deal/188230
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