John Hattaway

What if the bailout plan doesn’t work?

The above link goes to an article on the current government bailout plan. What if it fails? I don’t think it is appropriate to ask, “What if…?” especially in this context in part because what hte government is trying to do is forsway the inevitable and the inevitable is that the financial and housing and banking and stock and oil and etc. markets have to reset and by flooding those markets with capital all the government is doing is delaying the inevitable. What President Bush and the Congress and the Federal Bank are trying to do is delay what is going to happen rather than allowing it to happen. What is happening is that the politicians are trying to maintain their jobs because one does not get elected by watching constituents losing everything.

The principle concern of the U.S. Government is to make sure that the People are happy with what the government is doing and believe that what is being done is in the People’s best interest and by doing something and flooding the economy with capital the people live under the impression that the government is doing something.

One problem that we have is that we are screaming at a more socialist approach to governance. We are absolutley more socialist since the 1930’s. And especially since the 1940’s. We are better off only in the idea that the government has expanded its role to help protect and provide essential resources to the people by increasing the amount of money spent on health care and other social resources.

Now with the government taking over and assuming ownership of the mortgages in the country, planning to spend upwards of $700 billion dollars on bad mortgages. And planning to purchase bad debt from large banks and other large firms…. At what point do we, the people, say, “You’ve made your bed, now lie in it?”

This is a bad presedent. There is not getting around it. The President and Congress and both candidates for president and pretty much everyone who thinks this is a good idea or could work is wrong. They are responding to public criticism and public opinion and not looking at what is going to happen. The only thing we can expect is a delay and that delay is really going to hurt us.

I am of the opinion that what is happening right now is political suicide and will end up being one of those hallmarks that prove G.W. a bad president.

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This entry was posted by smokingpen on Tuesday, September 23rd, 2008 at 3:01 pm and is filed under Politics. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.