Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke at this hour are urging congress to push through the Bush administration plan for a $700 billion bailout of Wall Street. Investors are hoping that a bailout will make banks more likely to invest money so that businesses and consumers would spend more to help the economy. But the two “pushers”, Paulson and Bernanke are facing much opposition from both Republicans and Democrats.
The bailout has been called unacceptable, risky, and financial socialism. Not only that there’s concern from congress that the huge price, little detail, and the fact that the plans authors, Paulson and Bernanke, are wanting to get this done as soon as possible.
It’s too late to place fault or figure out who’s to blame in this financial crisis we find ourselves in. People didn’t have the financial stability they normally depend on to keep houses, but apparently banks didn’t care much as they pawned off loan after loan to each other whereas they couldn’t handle it themselves. If they can’t keep themselves maintained, it’s understandable that investors wouldn’t be confident and stop putting their money in ignorant businesses. That’s how we found ourselves in the mess we’re in. People feel terrorized because of it. Many of us, like congress, are looking at this like four-year-olds in Algebra class. We don’t how to fix it, but we do know we have to pass.
Not for nothin’, but the government should bail themselves out before they could bail anyone else out. This country is suffering financially and it all could be attributed to our current administration. We’re looking at a rise in unemployment, high inflation, and healthcare cost through the roof. That’s just for starters. Things don’t get better when you throw in rising gas prices and energy cost which tells why the auto industry is having trouble and which makes for costly vacations, which is why people don’t want to fly anymore because airlines are making us pay for it, but now they’re on the brink of disaster. And for honorable mention, two expensive wars when a lot of that focus should be on who’s in charge of North Korea and the still growing threat of terrorism. It’s good that the government wants to help out, but at what cost will it be?
Two of our nation’s leading alleged financial geniuses are pressuring the country into this plan to save our economy, is reminiscent of a shotgun wedding. The last time we played this type of Russian roulette over the direction of our nation, we ended up in a war that turned out to be a rather bad idea. You can’t expect to drop a $700 billion bomb on America, and not expect people to question the effectiveness. Can things get terribly worse if we take our time before we spend hundreds of billions of dollars on something that might not work anyway? But that question sounds familiar. Likely something the Bush administration didn’t ask themselves a few years ago before getting involved in war.
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