Bailout

The ones that made, the obviously bad choice, to loan money to people that cannot repay it are going to be bailed out. The US taxpayers are being set up to buy the bad assets from the financial institutions. Does this mean that they can stay in, or have their house back? No, of course not. However, the banker will have his pocket money given back to him. How nice to belong to that little club at the top. I had to smile at the part, in the video, that states they will ask for legislation to raise the ceiling for the debt. Why create a ceiling to begin with if you are just going to raise it? Right, my mistake, when something is no longer convenient you change it.

This comment, posted on the Star’s site, suggests an alternative to the bailout.

the effect of the bail out is the taxpayer assumes the "toxic debt" created by Wall Street. Why not directly write down this debt, giving relief to the victims of these crimes, allowing them to remain in their homes, and a vital part of the economy. Harvard calculates this would cost only $150 to $200 billion, and the net result would be more favorable to everyone and the economy as a whole, except those who created this mess. It would in effect bail them out, but not reward them. Everyone wins, sort of. But alas, this makes too much sense, and the lobbyists would not be happy with anything less than Wall Street profiteering further from their own fraud.

I attempted to source this via Harvard’s website but I had no luck. I do not doubt that there is a better alternative then the bailout suggested by the Bush administration. Why is it we always accept that the rich save the rich? Are we just to damn busy trying to find jobs, and another place to live, that we let the royalty up top get away with it time and time again?

I may not have much of an understanding of the economy, however, I do understand debt. The time comes when you are asked to pay. At 11.3 trillion I hope when that time comes, someone had the foresight to put a little bit aside.