posted on Sep, 30 2008 @ 06:54 PM
I love the judgement in this thread. If you have a better plan that is more likely to unfreeze the credit industry, I am all ears. Fact is though, you
If any of you actually knew my stance in detail, instead of passing judgement based on one thread, with one situation, you would know that I am a Ron
Paul supporter, who wants the federal reserve gone, the IRS out, and the income tax abolished.
Unlike most Libertarians, I don't believe in letting all my principles get in the way with my decision making. Just because I have a society in mind
that I would LIKE to have, does not mean we are there yet. We cannot get rid of the IRS, Fed, and income tax in one step. It takes time to phase out
an institution that has spent years burrowing itself into our system.
Would I like a free market? Yes. Can we do it in one step over the course of one day? No. It took years to get to where we are today, and if we tried
to reverse all that with extreme change, the system will react violently. It is still possible to phase this system out safely and without major
damage to the average american.
What I do know is that until these bad assets are either sold to some other company or bought by the government, these banks aren't going to continue
lending the way they should, and the way we have become dependent upon them to do. Make no mistake, this countries businesses are dependent upon the
financial sector and the practices they engage in.
Credit needs to be restored and start to flow again. These banks won't do that unless they can unload these bad assets. If you can find another way,
I am all ears. I have been hearing many ideas over the past two days, but none of them directly solve the issue of banks getting rid of the bad
This plan, though a risk, is so far, the best option avalible to bringing lending back to normal standards. This month and next month are going to be
very ugly if banks continue this squeeze on lending. This is bulk buying time for companies preparing for the holiday season. This is the time of the
year that companies depend on credit most.
I blame the people who took these bad mortgages as much as the ones who gave them, but I'm not looking for revenge, I want a solution. You can argue
about who's fault it is, and how heads should roll, but that doesn't solve anything. It's a feel good mentality, and nothing feels good about this
I've been on here for a long time arguing for smaller government, less spending, and stopping this situation from getting out of control. It is too
late. It is out of control and the situation has changed. First we let our government regulate when it shouldn't, then we want them to butt out when
we need them to step in.
I will say again, this country was not formed out of desperation or a collapsing system. It was formed out of discontent. If people are starting to
wake up, now is the time you want to keep the system alive more than ever. If you let it collapse, people will stop worrying about change and start
worrying about survival.
This country rose up and changed a system that it was unhappy with. It didn't collapse.
This isn't 1929, things are much more tied together and interdependent. they lean on eachother much more, and the stakes are much higher. I would
much prefer that a bill of 150 billion be passed for the next 3 months to moniter how the program is progressing and to see if its working. Hopefully
that is what goes through in the end.
We damn near lost our country in the last great depression, and I blame the fed for it. That doesn't change the fact that we are here now. What
happened yesterday, though important, does not change the situation we face. Hopefully when we solve this current crisis, people will wake up to see
the flaws of the system so we can change it.
Right now we must focus on SOLVING the problem, not letting it destroy us, then hope what we rebuild will be a more fair and balanced system. Thats
playing dice with the devil, and thats a gamble we should not be taking.
I'm tired of people making excuses for one group or another when the situation isn't even solved yet. "Its not the citizens fault, we all make
mistakes." That is crap. Anyone who remotely caused this situation is at fault, whether the intent was there or not. Some people didn't over extend
themselves. Some businesses didn't either. To them, I say thank you. But for EVERY citizen, EVERY business, and EVERY banker who let this situation
snowball and become as big as it has, we will deal with you in due time. Today is not that time though, we have bigger issues to deal with. Revenge
will have to wait till another day.
I will be responding with a well made post later on about the alternative plans being proposed.