So, I'm driving to work this morning on this beautiful September morning. And I'm listening to the banter regarding the $700 billion bail-out that Congress is mulling over... So, President Bush gives us the speech that was so similar to the speech about going into Iraq (Jon Stewart Daily Show did a side by side comparison). Feeding us fear if the bail-out is not provided. But, one thing that crossed my mind this morning, was: What if we as taxpayers fund this and there is still panic and chaos and failure? I stopped breathing momentarily, but then the next news story was Wachovia Takeover by Citigroup!!! So, they couldn't wait a few more days for the bail-out to occur. It's a good thing I didn't drive off the road otherwise I wouldn't be here to share all of these very important thoughts of mine.
Another thought that is occurring to me is: Would Teddy Roosevelt be rolling over in his grave if he saw all of the takeovers and buyouts by the larger banks that are smart enough to take advantage of this moment. Do I smell Darwinism-Survival of the Fittest or are there Monopolies brewing??? Can we trust the government to help? People are waiting for the next great leader to come along or maybe for a Franklin D. Roosevelt to emerge. But, he is gone and we are it. It is now up to us. So, what are we going to do?
Monday, September 29, 2008
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2 comments:
Do you have any comments about dealing with bailouts as though they were an "economic" war? Specifically, nationalize the bailout companies and fund the bailouts with "bailout bonds". Once the problem was solved, give the companies back, just as was done with many industries during WWII. My gut feeling is that the economics of doing it this way would be far more equitable than the way they are doing it now. Forgive me for being cynical, but it wouldn’t surprise me if there were a lot of cuts taken off the top before any money was actually used to solve the problem.
I completely agree with you. Sorry, it took me so long to respond. I'm not a faithful blogger. I tend to get blogblock, because I want to sit down and write the great American novel everytime I write. I don't think that you sound cynical in any way. And, after these few months, it's interesting to see just how correct you were with companies taking off the top prior to actually solving their economic issues... It's a sad statement of the mentality of our nation. The entitlement that a lot of people have.
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