Thursday, October 02, 2008

New Question of the Day

Thanks to everyone who responded to my last Question of the Day. I appreciated hearing your thoughts.

Now our new question:

Bailout Bill - Necessary or Not?


  • Was some action by congress necessary? Sadly, probably yes. Was the "bailout" as designed necessary? Probably not.

    But, are any of us really surprised when the folks writing the bailout plans were the same ones who got us into the mess in the first place?

    The Democrats in Congress who are crying the loudest now are the exact same ones who have for years stood in the way of reforms that might have saved us from this mess in the first place. The Democrats who were in bed with Fannie Mae and Freddie Mac now want us to believe they are going to "fix" the mess they caused? Really?

    Great article by Thomas Sowell on this:

    By Anonymous Anonymous, at 10/03/2008 9:33 AM  

  • Sorry, the link got cut off.

    By Anonymous Anonymous, at 10/03/2008 9:34 AM  

  • I think the bigger questions are how did this happen and what can we do to stop it from happening in the future.

    While some are calling this a market failure, and arguing that all that is needed is more regulations and oversight on Wall Street, I think the real root of the problem lies in Washington.

    Politicians in Washington were behind the Community Reinvestment Act. They were the ones who insisted on pushing home ownership on people who probably were not able to afford it. The politicians (namely the Dems) in Washington stood in the way of reforms to the institutions of Freddie Mac and Fannie Mae (as Anonymous noted above).

    Is Wall Street greed exempt from the equation? No. But Wall Street greed was equally matched by Washington greed.

    The truth is we need change. Not just on Wall Street but in Washington as well. We need reforms that are more than just band aids. We need leadership willing to tackle those tough reforms, not take their advice from the corrupt criminals (Frank Raines) who got us into this mess in the first place.

    The truth is that Barack Obama won't fix this mess. He can't fix this mess because he's just as corrupt as the rest of them.

    By Anonymous thomas j., at 10/03/2008 10:09 AM  


    By Anonymous Anonymous, at 10/03/2008 1:00 PM  

  • Reform was necessary. The bailout is not really reform. But I that think Congress had messed up for so long, they let things get so bad that those of us in the real world started being affected by their mistakes and corruption, and there was nothing left but for them to "bail" out. But they should be held accountable. And the American people need to wake up before November realize how much it matters who they put in office.

    Sarah Palin was dead on last night when she said that this isn't the American people's fault, but that we need to also get back to personal responsibility and not let this happen ever again.

    By Anonymous Eve, at 10/03/2008 1:52 PM  

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