Friday, October 03, 2008

Bailout or not?

Edward Lotterman wrote in yesterday’s Pioneer Press that while the bailout is not a cure for bad debt, it was a necessary fix for the troubled economy.  I respect Edward Lotterman’'s opinion and while I don’t like paying for Wall Street’s wows, if Lotterman says this is needed, I trust his judgment.

The New York Time’s Thomas Friedman, wrote a similar article earlier in the week.  He states that while yes Wall Street fat cats will benefit from the bailout, those of us on Main Street will suffer if the bailout is not passed. “As others have pointed out, you can’t save Main Street and punish Wall Street anymore than you can be in a rowboat with someone you hate and think that the leak in the bottom of the boat at his end is not going to sink you, too.

The final vote is expected at 12:30 EST today.  If you were a congress person (which I’m assuming you’re not), what would you do?  Vote for or against a bailout?


Ray Valley said...

I'm wondering what this bailout means?

I wonder if Wall Street is wondering what this bailout means?

I wonder if we actually let the free market's "run wild", things would in the end, even out?

I wonder if massive government intervention in the markets to keep the good times rolling perpetually just delays inevitable evening-out forces and digging a bigger hole for tomorrow?

I wonder if this crisis was a way of the market telling Wall Street and Main Street - (i.e., those smart people making the free choice to buy a house they can't afford) that the party can't last forever?

I wonder how long economies and governments will have a goal of economic growth instead of economic sustainability. Are we that naive to think we can grow forever and ever??

I wonder whether the Democrats or Republicans are to blame for this mess or if we all have blood on our hands?

I wonder whether any of my questions will ever be answered?

Mac Noland said...

I wonder if I ever want to go fishing with you again.

Believe me, I think this crisis has shaken enough people to make a difference.