Quote:
Originally Posted by cody
Nice letter, Scott. It certainly makes sense to me, but I don't know as much as I should about the details of the proposed bailout.
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The most important point IMO is that the guys saying "We need this, and we need it now! Congress, you must do this immediately!" are the same guys that just weeks ago were telling everyone that everything is okay.
These are the guys that got us into this mess, why should we trust them to get us out of it? They should all be fired, and all the CEOs of the banking industry leader that paid themselves like $40B in bonuses last year should be sued by the US Gov't for extortion.
The bailout plan is basically a means to prop-up the failing banks to keep them from going out of business. The problem is that they
deserve to go out of business. And I don't mean that in a "they suck" or a "greedy rich people should fail" sort of way, but in a "in a free market economy, sometimes risky behavior ends poorly" sort of way. No matter what happens, middle and lower class Americans are going to get boned, while the rich are going to be slightly richer. So why spend billions of taypayer dollars on a bail-out plan that isn't going to have an real tangible benefit on fixing what's wrong w/ the system? All we're doing is pumping money into a broken industry to make its failure take longer.
This bailout is kinda like me continuing to fix my broken racecar instead of just taking the hit, selling it and buying an STi.
