Well, the House rejected the government's current bailout plan...
but is that a bad thing?
I'm sure a number of prominent CEOS are crying into their gold-lined champagne glasses...
and I'm equally certain that Husband's right -- if it weren't an election year, and House members would have to explain to suffering constituents why they were rescuing corporations...and not them --
well, the bailout might have passed at the speed of light.
Gather Little by Little has their own take on the subject:
http://www.gatherlittlebylittle.com/2008/09/30/government-bail-out-fails-thats-a-good-thing/
What's yours?
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3 comments:
Have you checked your 401k's today. It isn't all about the CEOs. Ours tanked. All those who are retired or want to retire are in big trouble. They don't have the 10+ years to wait for it their accounts to get back to where they were a week ago!
I read an interesting quotation:
"Capitalism without failure is like religion without hell".
Consequences are an integral part of the homeostasis of the system.
Another way to look at it is that bail-outers are just enablers to our culture-wide addiction to debt.
But the short term with no rescue plan, as Amy writes here, is really, really painful.
I only hope that the convoluted path that all the culprits took--especially the ones in Congress who shielded Freddie and Fannie--becomes clear common knowledge to the citizens of this country.
I know what you mean, Amy...my Scottrade account has gone down at least 30%, if not 40%. YEOWCH.
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