Unless you are dead you probably know about the proposed government bailout... errr I mean "rescue"... that passed through the Senate last night. This is the plan where the government borrows money to buy bad debt from private businesses that made poor business decisions by lending the money to people that could not pay them back. I know that I am no economist but I fail to see how this plan makes sense from any angle. Where do we draw the line? What about the painter that has fallen on hard times now because fewer new homes are being built or the Pizza guy that can no longer afford to deliver my pizza because of gas prices. Who is going to bail them out?
Yes, times are hard right now. But, somehow the American Spirit always seems to drag us through difficult times. Why are we rushing to pass a bill that has the government lending billions of dollars to companies that got themselves in trouble by making stupid business decisions? On top of this so called "emergency", the bill being passed is laden with all the typical special interest riders that a typical bill going through Congress gets. If this is soooooo (sarcasm implied) important why can't Congress pass a bill that does one thing, does it quickly, and does it well?
What do you think of this bailout plan?
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2 comments:
Ahem...HUNDREDS of billions of dollars.
I think it's clear from my blog where I stand.
When I sent my letter to Saxby Chambliss to urge him not to vote for it, he was kind enough to remind me that it's not a Bailout Bill but that it is really an Emergency Economic Stabilization bill.
I oppose this piece of (expletive) legislation and appreciate Phil Gingrey (my representative in the House) for voting against it. Too bad it passed...
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