I've been thinking about this bailout thing quite a bit and, although I'm probably no smarter than I was when I started, I'm pretty sure I'm against it.
For one thing, I admit it, I seriously don't like ultimatums. I've always felt that once the ultimatums started then sooner or later we were going to get to "or else" and so we might as well get on with it.
For another thing, I don't believe the doomsayers. Bankers bank. I don't believe for a second that the finance industry is suddenly going to start burying their billions in their back yards; they're going to invest it - perhaps more wisely but that's not a bad thing. Life will go on and the economy will rebuild on a sound fiscal footing instead of the Potemkin villages we've been putting our savings into.
The finance industry might very well wind up having to write off a trillion dollars in bad loans they never should have made in the first place, but that's what happens when you make bad loans. My 401 may turn into Monopoly money until stocks recover, but that's what I get for letting boneheads hold my retirement nest egg with no oversight. If we give these people, for instance the former CEO of Goldman Sachs who didn't see a trillion dollar loss coming while he was there up until a few months ago, $700 Billion to cover their current bad debt ceteris paribus why are they not going to just run up another $700 Billion in bad debt?
Threats irritate the crap out of me, and I don't want to embark on the rest of my life waiting for the other shoe to drop. Let's call in the markers and get this over with once and for all; and let's do what's necessary to prevent this from happening in the future.
2 comments:
Amen and Hallelujah!!!!!!!!!! It's about damned time they had to bite the bullet.
There might have been a chance for cooler thinking if it hadn't been so close to an election. You don't think that was an accident, do you?!
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