reply to post by SteveR
I partly agree with your post, even though I understand the outrage, being shown in every medium, by most people. I don't think any intelligent
person is against the inevitable bailout, what people are against is that major financial corporations have been allowed to put the US government, and
therefore the American people, in a lose/lose situation.
I do not understand your 7000$ reference, maybe I missed something there...
As for the bailout, although inevitable, now, it doesn't have to be liked or tolerated. Yes, it is necessary but the people, and regulatory
institutions, that permitted this financial chaos should be held responsible, and should be severely punished.
An institution cannot, or should not, receive a AA rating one day and go bankrupt a few hours later. Somebody, in the regulatory institutions, dropped
the ball and should be made to pay.
This should not be seen as a bailout of the "regular Joe", he too is responsible for this crises. When contracting debts they could not pay, and
that they knew they wouldn't be able to pay, many Americans are as responsible as the Wall Street "casino players". Yet, again, the main culprits
are the internal accountants of the major financial institutions that allowed credit to be given to people, and companies, that they knew couldn't
pay for the credit they obtained.
That said, "we" are now faced with a scenario where 99% of the people are going to be losers, one way or the other, and where the people most
responsible for the crises are either going to be untouched or, worst, come out as winners. I think, in these circumstances a little whining is not
only acceptable but, above all, necessary. "We" may have to bailout the economy, from total meltdown, but, maybe, the whining, in the long run, once
the dust settles, will serve to make it impossible for the culprits from walking away untarnished.
High inflation and dollar devaluation, and thus big savings losses for the middle class; or economic meltdown accompanied by massive unemployment.
Those are the options falling on the shoulders of the American, and Western, peoples...
"We" may have to bailout the economy, because there is not any other acceptable options, but that does not mean bailing out those responsible for
the crises, be they Wall-Street "big cats" or irresponsible "regular Joe's", and companies, that borrowed way above what they where capable of
People who have lost their savings, are going to loose their jobs, or can no longer afford to retire have, in my opinion, the right to a little