The first two words that come to mind when I saw the news that a weekend worked bill to push forward with a $700 billion bailout failed:
Now I'm no financial expert for sure (I've seen my credit report showing past incidences to back up this statement), but I do know a couple things. Between big government and big business cooperating with each other to cook books and speculate on financial possibilities without a true guarantee, we got ourselves into the biggest economic disaster of my lifetime, if not the history of our country, save the Great Depression.
And now, we have the government and big business cooperating with each other, AGAIN, to use a lot of the same basic principles and ideas to fix the problem they created.
Obviously, as a country, economically we are quickly preparing to fall down the rabbit hole. Whether or not we get this bailout plan urged by certain financial related industries and our current White House administration, that rabbit hole is approaching awfully quickly, and we're going to meet it regardless.
So let me get this right...we can let the chips fall and businesses fail, and things go to hell in a handbasket, OR we can make more chips, save these poorly run businesses and still go to hell in a handbasket. Given interest rates on loans produced through newly printed, and foreign entities loans that will take that $700 billion and turn it into most likely a minimum of $3 Trillion when all is said and done. We already have multiple books on the government's end of things that have us anywhere from $9.5 trillion to $54 Trillion dollars in debt. So what's another $700 billion, right? Yeah, someone has to learn to say no. Someone has to learn to tell the people that the buck is literally stopping with all of us, right here, right now. We're going to have to suffer a little bit. We're going to actually have to consider doing without. Now I know that many in my generation and some in the preceeding generation have little idea what this concept is, but now is the time to learn the lesson.
No more pet projects, no more bailing out consistently failing businesses. No more rewarding guys responsible for getting the domino effect started leading to the crippling of entire economic industrial sectors.
Even in this bailout debate, we have politicians working hard to blame the other side. And to a point there are members of all sides to blame for where we are now. There are members of the general population who bought into the lies who are now responsible for where we are now, biting off more than they could chew with no idea how to pay for it. Many of these politicians still admit that they have no idea how well this bailout will work if passed. So we get these guys and gals together to give spending authority to one guy, with little to no oversight, to the tune of $700 billion (with authority to expand it if he feels necessary?), while having no idea what effect it will have??
That seems pretty stupid to me. Especially if we can let everything fail, learn a lesson, and figure out how to correct it naturally through our market forces and American ingenuity that has gotten us this far over the last 232 years, without spending the hundreds of billions (leading to trillions when we pay it off), that we'll spend the next few generations (if we're lucky, that'll be all) trying to get back.
So to Congress, Bush, Bernanke, and Paulson..thanks but no thanks.