Two Steps Forward…
October 3rd, 2008 categories: Our Market
Well, today Congress finally passed the “Rescue” bill or Bailout Bill or whatever you want to call it. And it’s a good thing they did. Perhaps not so good the way they did it. One columnist writes that the House held out not on principle but for profit. It does seem like they added a lot of fluff/ earmarks to the bill prior to passing it. I feel a little violated. Kind of like hearing about looters during a natural disaster. One would think that at a critical time like this the leaders of the country would put their own agendas aside for the preservation of the nation at large. Does it seem like I’m expecting too much?
Has our government become so corrupt that the leaders take advantage of this type of situation making patsies of the American people? We need to understand who added what to this bill because it seems to me that it’s not too far from extortion.
Now, I suppose I shouldn’t complain. I yelled and screamed- ranted even- that we needed to adopt a plan to shore up our financial institutions and support our weakening economy. I guess I just thought the brightest minds in the country would come together for the sake of the people and put together a piece of legislation that while unpalatable to the taxpayer, would be a solution that was as close to fair as possible.
I don’t think we really had a choice in the matter. It’s not like we could let our financial institutions fail leaving us on Main Street and Wall Street to flounder in the resulting chaos and instability. I do believe however that it’s a ’sin’ to take advantage of the nation for one’s own profit.
After the bill passed today, unemployment numbers were released showing continued job losses and again, Wall Street tanked. The looming black cloud of the Credit Crisis is causing havoc with not only small businesses but individuals as well. If you think about how we live today, much of it is due to easy and available credit. Without it, it’s hard to cash-flow the lifestyle like we’ve become accustomed to.
Where do we go from here? We hope the Rescue Plan does what it’s intended to do and breathes some life and confidence back into our markets. We can hope that the banks begin to loosen up their purse strings and begin lending again- to businesses, individuals and each other. Perhaps there even may be a few great buying opportunities on Wall Street and hopefully the American taxpayer will someday see a profit from their great investment, given reluctantly in our nation’s dark hour. At least, perhaps we could enjoy some of that imported rum that somehow came to benefit from our generosity .
Finally, perhaps this year our country will elect a new leadership that really has the best interest of the people in their sights. I’m not so cynical to believe it’s impossible but not so naive to expect it. When you go to the polls this November, choose the candidate that you truly believe would put your interests before their own and those who helped them get there. It’s really all we can do from here.
