Okay, I'm confused. Most Americans did not want this $700 billion bailout to go through. And thus now that it did not go through, why are people blaming each other? I mean, isn't that what most people wanted? They did not want their taxpayer money to go to Wall Street and the banks citing they made too much money anyway on their lavish lifestyles. So, I guess I am just confused as why everyone is playing the blame game.
First, people wanted to blame Nancy Pelosi. I didn't know that someone who spoke for just a few minutes, could sway 12 people's votes. I mean, even if she did have that all powerful effect, so what? It's their right to change their mind. Or maybe, just maybe for once, politicians are listening to the taxpayers........
okay, maybe I'm dreaming. But seriously, why is everyone now pointing fingers of blame because the bill didn't pass. Isn't that what everyone wanted? I mean if you want to blame Bush, umm... it was the Republicans who didn't want the bill passed.
Is it too much for Wall Street and banks to be self responsible for their own actions? Banks wont bail you as a consumer out, unless its for a profit (interest), so why should we as a nation of taxpayers, bail them out? I see no profit in it for the U.S. taxpayer, I only see additional debt in taxes.
All this bill does is make the banks bad debit go away, allowing them to extend credit again to consumers and businesses. I mean, what? You as a consumer want to go more into debt and lose more? If you can't afford it in the first place, then why are you taking out a loan that you can't pay back?
Scare tactics and chicken little "they sky is going to fall" are being thrown out right and left. Who are the people saying this? They are from the people who work in the banks. They are the business leaders who will have to live like you and I, like normal Americans and lose their $10 million home, and yacht and Jag. HELLO! Welcome to the real world of the U.S. taxpayer.
So, the stock market dropped 770 points today. BIG DEAL. Do you really think the market is going to stay down for the rest of eternity? Propaganda in the words of "people lost billions of dollars today in their 401(k)s". Okay, umm, but what about next week, or next year? Seriously. 401(k)s are not for quick bucks. They are investments. And if you have not changed your 401(k) from stock investments to fixed interest, then you are being silly. 4.8% or so is better than -20%, don't you think? Oh wait, you think you are going to make $50K overnight, and now that you lost 10K, you are freaking out. Do you turn 55 tomorrow or something?
As for reports of businesses being not able to get loans to make their payroll, if you can't make your payroll and you need to take out a loan, then you shouldn't be in business. I thought a business was for making money, not going into debt!
If banks wont trust each other with loans, then why should we trust the banks to do the right thing with our money? And how do we ultimately know that $700 billion is going to be enough? What if it takes more? How much do we as a nation, and as taxpayers have to support our Stock Market, our banks, and our corporate world. Would they do the same for us, as regular taxpaying Americans?
And ultimately, it is we as taxpayer who made this mess. By those who took out loans they could not pay back. So if you want to really point fingers of why we are in the situation we are in, then it is a two fold blame. First, those who applied for loans they could not pay back, and second the banks that extended them the credit.
Why am I paying for my "neighbors" bad money management and bad choices, and why am I paying for bad corporate business decisions? They signed their name on the line for the loan. They are responsible for their actions, or rather, lack of actions, by not paying their mortgage. And why am I responsible for a bank being greedy? And why should I bail out corporations that want to do nothing but put their bad debt off the books, just so they can start loaning out money again? Do you REALLY think this bailout is going to fix anything?
HELLO! My name is reality. I KNOW we haven't met.
While Congress spends all their time on this matter, we as Americans are trying to figure out why gas prices have risen (wait, they went down today.. YAY!), why our grocery prices have risen. Why unemployment has risen. But why haven't our paychecks risen in years? Can you honestly say that your pay has been following the cost of living increase every year? This is the United States, not Ethiopia. Why do so many people here not have health care? The statements of "We are in the midst of a serious financial crisis. Our entire economy is in danger" is true. But it's not the banks, it's we the people. We the people who live here, work here and try to make a life for ourselves. And that way of life is in serious danger. We are literally living history right now. Is it not time that the government started looking out for us, instead of looking out for banks, Wall Street, the "Big Three" car makers, corporate moguls or giving money out to all over the world?
Seriously, there are better ways to spend the $700 billion than on a bunch of greedy bankers.
.... still putting my money in a mayonnaise jar under a tree. And stocking up on gas, canned food, dried food, sugar, water, candles, batteries, first aid supplies, medicine and blankets.... just incase. Ya never know.. a hurricane might decide to hit in the middle of the desert here!