The House failed to pass the “Rescue” plan yesterday and promptly left town for the Jewish New Year. The NYSE fell more than 700 points, the largest one-day point drop in history. Panic is setting in everywhere on Main Street because the Fed and the White House are screaming that this rescue plan needs to pass or our economy will fail.
Critics of the rescue or bailout plan say there is nothing in the bill to prevent this from happening again. The bill simply hands over $770 billion dollars to the Fed so they can buy up the bad mortgage debt created by a flawed, unregulated process.
There is nothing in the bill to protect or help that average citizen, who are the ones that need help so they won't lose their homes to foreclosure. Greed and deciept by the banking industry caused this collapse and now they want to be bailed out for gambling with our mortgages.
If we bail them out it sends a signal to the corporations that its okay to gamble because if you don't win the government will cover your losses. Imagine if casinos gave you the same deal. Go ahead and gamble. If you don't win you don't have to pay us back.
Our goverment is a mess and needs to be cleaned up. Lobbyists rule and the politicians are just puppets doing what they're told to do if they want to continue to reap the benefits being provided by the lobbyists.
Republican or Democrat, they're all corrupt and ineffective. There is so much hatred between the parties that nothing will ever be accomplished in Washington unless some dramatically changes. We need to shake things up in our political system or the good old USA will no longer be the superpower of the world.