Ok, so the $700B Wall-Street bailout was shot down in Congress. The Dow fell 800 points on hearing the news (which caused a lot of panic) and regained half of that the following day (which did not seem to calm the panic). Some are blaming the speaker for a Partisan speech made from the house floor.

Personally, I am glad. In a surprise decision that reminds me of the OJ Criminal Trial verdict, the right decision was made, though not necessarily for the right reason.

  • I do not believe that it is right that the Taxpayer should have to foot the bill for corporate stupidity – on Wall Street or elsewhere. If Main Street is having problems, then I submit that Washington may be the problem rather than the solution.
  • I do not believe that bailouts fall within the Constitutional Mandate of the Congress.
  • I do not believe that the economy will collapse because a bunch of Wall Street megaliths fail.
  • I do not believe that preserving my job – or anyone else’s – is Congress’ job.
  • I do not believe that Wall Street is as important as it thinks it is. We have put too much faith in what happens there.
  • I do not believe that the drop in the Dow is anything to worry about; the Dow dropped 700+ points after September 11th, and it recovered in fifty-nine-days. Is this a bigger tragedy? I think not.

Funny how the Government is ready to bail out their friends on Wall Street and elsewhere but expects us ordinary folks to abide by free-market economics.

Hey, if they have billions of dollars of our money to burn and want to nationalize something, why not the Oil Companies and/or the railways? Now there’s an idea…

Just kidding. This bill will probably get passed anyway… there is too much money at stake.

Now Reading: The Stainless Steel Rat’s Revenge, by Harry Harrison

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