Anyway, I thought it might be interesting to see what kind of response I get on this blog if I posted a short little email I wrote to both the Obama and McCain campaigns today. I don't know why I did. I just sat down to type some emails and this kind of spewed out so I sent it.
Dear Senators Obama & McCain (and President Bush)
CEO's that have left Wall Street in the last 5-8 years should be made to repay a portion of their windfalls if they were involved in the companies getting bailed out now.
The markets, including housing, should be left to adjust even if it's a big bad dark black diamond run. There are always two sides. Many people have held off buying a house while waiting for the markets to come down and saving up to do so. Now that the inflated market is on a down turn they're ready to do what investors say to do. Buy when the market is down. Many have done the responsible thing and not lived beyond their means thus leaving themselves in a position to diversify (ie own a home) when the time is right. The bail out penalizes many people twice. It does not let the market correct itself and our tax dollars are used to fix the mess created by the greedy and those who could not afford to over extend themselves but did anyway.
How long can America keep living on credit? How long can America live with a 10 trillion dollar debt? It's time to face reality. Why put it off for our kids and grandkids to deal with? What about the prudent financial institutions that did not over extend themselves? Should they not be able to benefit from the down turn and stupidity of their competitors. Many financial institutions are still running expensive advertising campaigns including national ads on CNN. If the entire financial system is hurting so bad how can this be?
I agree some sectors of the population may need extra help. There are plenty of people out there who have done the right thing and acted responsibly despite the ease of borrowing money. The elderly who have been getting ready to transfer mutual funds or 401K's over to liquid assets to be used in their remaining years should get some form of assistance so they don't loose everything they've saved for. People who loose their job should be given assistance to bridge the gap and buy some time as they find another job so they don't loose a house or business that they otherwise could afford. Or perhaps people affected should be given assistance while they gain training and education related to developing renewable energy sources or if they transfer into community service positions that benefit others hit by natural disaster for example. Seven hundred billion dollars could go a long way in this regard and help th people who are really in need.
This economic crisis and the urgent jump to "do something or else" are quite reminiscent of the days following 911. We must learn from 911. In this case we must ensure facts and opinions from many different economic experts all around the country are taken into account, not just the guys currently in charge. This is especially true when these same people are the ones who should've seen the whole thing coming in the first place.
It is also difficult to comprehend how taking the time to get any bail out package right the first time would do anything other than cause an initial slow down and adjustment in the economy to occur sooner rather than later. A slow down or resession is something that looks inevitable anyway and there is no guarantee that any amount of money thrown at the financial institutions will keep the economy from grinding to a halt now or in the months and years to come. Throwing more money at it does not deal with the core of the problem - DEBT. With a 20 trillion dollar deficit it will be harder and harder in the years ahead for my kids and yours to borrow money, buy a house, own a car or even eat.
Should America really be built on credit? Or should people, businesses and institutions that have risked a shaky foundation be asked to deal with the consequences as their bubble bursts?
Oh and by the way, for what it's worth canceling the debate on Friday would be a very bad mistake!
Dear Senators Obama & McCain (and President Bush)
CEO's that have left Wall Street in the last 5-8 years should be made to repay a portion of their windfalls if they were involved in the companies getting bailed out now.
The markets, including housing, should be left to adjust even if it's a big bad dark black diamond run. There are always two sides. Many people have held off buying a house while waiting for the markets to come down and saving up to do so. Now that the inflated market is on a down turn they're ready to do what investors say to do. Buy when the market is down. Many have done the responsible thing and not lived beyond their means thus leaving themselves in a position to diversify (ie own a home) when the time is right. The bail out penalizes many people twice. It does not let the market correct itself and our tax dollars are used to fix the mess created by the greedy and those who could not afford to over extend themselves but did anyway.
How long can America keep living on credit? How long can America live with a 10 trillion dollar debt? It's time to face reality. Why put it off for our kids and grandkids to deal with? What about the prudent financial institutions that did not over extend themselves? Should they not be able to benefit from the down turn and stupidity of their competitors. Many financial institutions are still running expensive advertising campaigns including national ads on CNN. If the entire financial system is hurting so bad how can this be?
I agree some sectors of the population may need extra help. There are plenty of people out there who have done the right thing and acted responsibly despite the ease of borrowing money. The elderly who have been getting ready to transfer mutual funds or 401K's over to liquid assets to be used in their remaining years should get some form of assistance so they don't loose everything they've saved for. People who loose their job should be given assistance to bridge the gap and buy some time as they find another job so they don't loose a house or business that they otherwise could afford. Or perhaps people affected should be given assistance while they gain training and education related to developing renewable energy sources or if they transfer into community service positions that benefit others hit by natural disaster for example. Seven hundred billion dollars could go a long way in this regard and help th people who are really in need.
This economic crisis and the urgent jump to "do something or else" are quite reminiscent of the days following 911. We must learn from 911. In this case we must ensure facts and opinions from many different economic experts all around the country are taken into account, not just the guys currently in charge. This is especially true when these same people are the ones who should've seen the whole thing coming in the first place.
It is also difficult to comprehend how taking the time to get any bail out package right the first time would do anything other than cause an initial slow down and adjustment in the economy to occur sooner rather than later. A slow down or resession is something that looks inevitable anyway and there is no guarantee that any amount of money thrown at the financial institutions will keep the economy from grinding to a halt now or in the months and years to come. Throwing more money at it does not deal with the core of the problem - DEBT. With a 20 trillion dollar deficit it will be harder and harder in the years ahead for my kids and yours to borrow money, buy a house, own a car or even eat.
Should America really be built on credit? Or should people, businesses and institutions that have risked a shaky foundation be asked to deal with the consequences as their bubble bursts?
Oh and by the way, for what it's worth canceling the debate on Friday would be a very bad mistake!