Today the legislature is going to vote on the bailout. A very expensive solution which does not provide enough assurances that it will fix the problem. Our government is moving into the financial markets and usurping power with a socialistic answer to losses. I read earlier this week that once the government starts to socialize losses, it won't be long before it begins to socialize profits. Wall Street is acting like a young child, who through carelessness has broken a toy and wants it fixed. Not seeking advice or willing to change behavior, the child just wants someone to remove the consequences of the bad behavior.
Today, the legislature is working toward eliminating the consequences of bad behavior. Although I believe that the behavior was encouraged by legislation, the ultimate responsibility has little to do with who will be paying the price. We will pay the price and Wall Street will return to its poor behavior since there is no consequence.
Not because I think we need to leave the child to his own devices, I have urged my congressman and senators to vote against this bill. If there is bad behavior we need to do what is necessary to change that behavior. Rewarding poor behavior encourages poor behavior. Giving money to cover poor investments, encourages poor investments. Giving money to Wall Street will not fix the real problem.
Have we learned to do this because of the Great Depression? Government did not act in time to save the market in 1933. Is this a vain attempt at avoiding the same problems? Could our government have found better alternatives? I think there are plenty of options that might not have been as "easy" as this one but better for Wall Street and the Tax Payer.
Books I finished, mostly today
7 hours ago