Heaven forbid we should tighten credit:
I will continue supporting efforts to pass legislation to restore credit flow to homeowners, businesses, farmers and all the people who, by the very nature of their businesses, need to borrow money to maintain their activity and keep employees," Lugar said Friday.
That's Lugar speaking in favor of the $700 billion buyout; he ignores the fact that an addiction to credit is what got us here in the first place. This is Mike Pence speaking against the bailout:
"Republicans improved this bill, but it remains the largest corporate bailout in American history, forever changes the relationship between government and the financial sector, and passes the cost along to the American people," Pence wrote. "I cannot support it."
Good for him. Of all that was said by all the pundits and politicians about the bailout in the last few days, Jay Leno had the best observation: A failed president and a failed Congress invest $700 billion of your money in failed businesses. Belive me, this can't fail.
Comments
If we let this bailout happen, there will be no incentive for businesses to be responsible - where is the pain for making risky moves ? I say let those that need to fail, fail, and the market will work itself out. Perhaps we have been living too much on credit anyway, ...
After listening to all the rhetoric and political bullsh&^, I'm coming to the realization that Larry, among others are right. Let the chips fall where they may.
My wife is a mortgage banker with Wells Fargo and has taken a lot of flak because of their "strict" underwriting criteria over the years, and guess what? They were right. They're financially solvent, and extremely well capitalized and stand to be a major recipient (business wise) of all those customers tossed aside wy Countrywide, Wamu, Wachovia etc.
This economy will survive without congress driving off yet another financial cliff. I suggest no bail out, and immediately prosecute (or at least remove from office) Barney Frank & Chris Dodd. They're up to their necks in malfeasance and chicanery.
FWIW department:
http://hotair.com/archives/2008/09/29/video-democrats-insist-nothing-wrong-at-fannie-mae-freddie-mac-in-2004/
watch the clip, it's fascinating.
That was my reaction as well...these dipwads caused their OWN demise and downfall....let THEM figure a way to get out of it.
(("We fall so we can learn to get back up" -
Alfred the Butler - Batman Begins))
Then again...we DO live in a "PC" world...no responsibility at all, no accountability.
It's what the gov't wants taught in schools...and what social services provide, so why stop there, eh?
Either way, we'll be the ones to get boned on this.