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See Also: “The Fundamentals Of Our Economy Are Strong”, Osama Bin Laden’s Dream of US Economic Collapse, Just A Nice Little Reminder, CNN Fact Checks McCain: Verdict He’s Not Telling Truth, Clueless Unreality at OH McCain Rally: “Greatest Job Growth Since WWII”?, John McCain: Economic Disaster, If At First You Don’t Succeed, ‘Impotent’ Bush’s feeble speech on the economic meltdown and bailout, and Destroying the Republican Party, and America.
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Actually this problem has been created FROM TOO MUCH REGULATION.
The economy is about greed and the only thing that has ever kept that in check is government regulation. Letting the foxes guard the hen house has never been a good idea or need we mention Lincoln Savings and Loan to John McCain.
I think the current problem with the economy is more a long term reflection on trends towards redistributing wealth upwards rather than downwards. While we’ve seen the GDP grow [albeit inconsistently] the past 8 years, it hasn’t been shared, so we have a situation where the economy has grown but average income hasn’t.
Secondly, what responsibility does the government have to bail out corporations? Yes, people and businesses need credit and rely on banks, but some sort of purge is necessary. These businesses failed and failed for a reason. Why prop up dying institutions when you already so heavily in debt?
Alec said, “Why prop up dying institutions when you’re already so heavily in debt?”
Indeed, and anyway, something I haven’t heard mentioned is that there are plenty of PROFITABLE, solid banks and brokerages which are doing business the right way who could at least take up part of the slack. If we are to “bailout” bad debt, why not let the failing banks stay failed, but hand over the bad debt to successful banks while lending them a hand in getting these bad mortgages back on track? Why reward a bad company’s bad behavior? Even if these failed banks and brokerage houses are bailed out, they SHOULD then belong to the U.S. taxpayers, who would be the rightful owners and who would eventually PROFIT from the bailout. Will any of this happen? NO. So the bailout plan as it stands should (again) be REJECTED.