While Congress debates the $700 billion Wall Street bailout, I've heard nothing in the press reminding us that this is coming on the heals of a $300 billion housing bill signed by the President back on July 30th. That is a staggering $1 trillion spent on this fiasco. Add to that the nearly $1 trillion we've spent in Iraq and it is no wonder our standard of living is declining.
I currently oppose the bailout for the following reasons:
1. It is being rushed through with little discussion, debate or analysis of alternatives. This is the Bush/Paulson plan.
2. It contains no reforms and simply gives the money to the same players who created the crisis.
3. It provides not a single dime to homeowners or want to be homeowners. What would $700 billion do for the economy if we targeted this money towards the housing needs of citizens?
4. I don't trust President Bush or his administration. I hate to say it but I'm also skeptical of both McCain and Obama here as well. Both are being advised by Wall Street insiders who will benefit from this bailout.
5. The negotiations have been secretive.
I've just been reading the latest news and the House is going to debate this massive bailout for a total of 3 hours before they vote.
I would love to see our country invest $700 billion in a green economy. That type of investment would go a long ways toward creating a post-carbon economy. Instead, I'm worried that we are doing nothing but temporarily propping up a decaying system.
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Seems Congress sided with me and rejected the President’s Wall Street bailout plan. $700 billion would have a huge stimulus effect on the economy but putting all your bets on Wall Street made no sense. Such a massive deal would also put pressure on interest rates and inflation if we just borrow the money. There are no easy answers.
However, I do believe we can have a simulative effect AND invest wisely for the future.
An investment in green infrastructure and education would be good for our future and instantly put money in the economy. I also think that decoupling health insurance from employment/business (as in universal health care) would help make us more competitive.
These are interesting times. I am a big proponent of local, sustainable businesses and believe these types of organizations are better prepared to weather a financial storm.
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