Yes or No?

I’m more confused now than ever.  Do I call my representative and tell her to vote for or against the proposed bailout?

Warren Buffett says yes.  Paul Krugman basically agrees and grudgingly says it needs to be passed.  Nouriel Roubini, whom I’ve seen on The Charlie Rose Show, says no.  And then there’s Michael Moore, who sent me an email this morning urging protests, etc. over the bailout.  I wouldn’t call Moore a financial expert but he’s mad as hell over how the Wall Street fat cats have stuck it to the little guy and apparently are now coming in for the kill.

No one is able to say with much confidence that this plan will work.  Equally disturbing is what might occur if no action is taken.  As I write this post the Dow is down about 290 points, so investors aren’t feeling the love this morning either.

It’s very easy to sit here and say we absolutely should not give Wall Street this money.  They broke it, they own it.  It’s also easy to fall prey to fear and agree with the Chicken Littles who are claiming the sky is falling, the sky is falling.

My guess is that the answer falls somewhere between the two extremes.  Is that the plan Congress is currently considering? 

Who knows.  I think I’ll go bury my head in the sand for a couple of days. 

At least Mr. gyma and I are out of the market and our money is safely deposited in one of the newly failed banks.  I feel better already.

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4 Responses to “Yes or No?”

  1. spiritualway Says:

    Perhaps you should just forget about Wall Street and reflect on the profound precedent being set in this debacle! Does anybody really believe these individuals pushing this package are going to save the financial system?

    I am most definitely not attempting to instill any fear, but simply saying use your powers of reason and your internal intuition! Whatever philosophy of life and ethics you have lived your life by, bring those into your reasoning also! Might also add turn off the TV and think it through yourself; if you personally met any of the “players” in this “crisis” you would soon realize they are not any more intelligent than you are!!!

  2. My husband called our senator (the Democrat) and asked him to vote no. Peter deFazio our representative voted no in the House. I think right now there is not enough security in it. Maybe they need to do it but they don’t want any laws that insure this doesn’t happen again. They also would still enable the leaders in business who got us here would get their expensive paychecks. Republicans are holding out for no oversight and no new laws. For me, I’d rather go into a depression and lose our investments (and we have a lot we could lose) than see our country go deeper into debt to enrich wall street and not help main street

  3. James Longford Says:

    > Do I call my representative and tell her to vote for or against
    > the proposed bailout?

    Few disasters are 100% certain. When the odds are high and the potential damage is great, then you act.

    Notable in this crisis is the almost total unanimity of opinion from economists across the global political spectrum and the urgency with which their warnings have been delivered.

    It is a fact that if you stop breathing, you will collapse. If an economy stops breathing, the effect will be the same.

  4. I understand deFazio was on the Randi Rhodes radio show today and had some interesting things to say about the bailout. It sounds like there are a few in Washington who are seeing this as just another power grab. Apparently commercial banks are being encouraged by the FDIC to keep their money in house in an effort to make this crisis appear worse than it is.

    My suspicions were immediately on high alert when Paulson turned in such a pathetic “bill.” Any serious person would have put a bit more thought into it if the situation were truly as bad as they make it appear. And Paulson warning Congress that some banks would balk at participating if their compensation was limited, simply tells me that some are looking for an abundance of cheap money that really isn’t necessary.

    If they were truly in trouble, limiting compensation would not be a problem.

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