Monday, October 6, 2008

700 Billion Just Not Enough

Many of us said this would happen and here it is. Wall Street looking for more. Even with you committing 700 billion from your grandchildren's future to stop the bloodletting of the markets, Wall Street insiders say the big traders are still looking for more.

Open up your pockets again. You are going to see more and more stories in the news shortly regarding the need for a second package to help bail out the "Global Economy".

I am against a bail out. I am for capitalism. I am for a free market, and I am for the people of the United States of America. However, I am realistic enough to know there will be real consequences for not providing for a bailout. Here is what I believe they will be.

1. Lots of families losing their homes.

2. Even those who are making payments will see the note on their home called "due in full".

3. You will not be able to get a loan for ANYTHING for some time, possibly years.

4. Business will not be able to get loans, grow business, create more jobs.

5. Unemployment would rise as high as 15 percent. (That is double the current rate)

6. Many would see their retirements dwindle in the face of a diminishing dollar and shrinking market.

These are just a few of the costs of not bailing out wall street. You may agree with me that the bailout is a bad idea, but you must be ready to face the consequences. Remember the fall of Russia was one of reckless financial spending. Have we learned the lessons of the great depression and the downfall of Russia, or are we destined to repeat those lessons?


DeadMule said...

You speak wisdom. This is a Catch 22. We are the enemy, because we will not stand up for what's right, because what's right will destroy us.

All In said...

Imagine a day when your visa and mastercard no longer work for purchases. They have declared bankruptcy. It is the middle of winter, heating costs are double or triple what they are today, and you find out that your company is closing, because consumers are no longer buying the product or service produced by your company.

Not just a dream. It could be on the way.