Citizens have told their representatives that the bailout sucks, and the house today voted NO on the bailout package. It is refreshing to see elected representatives actually represent their constituents. Bravo.
Citizens are used to hard times, and the apocalyptic scenarios prophesized by Paulson and Bernanke do not frighten them. My daughter put it best; when it comes to hard times, the average American is an experienced, highly trained professional. They know when to pull in their belts; they know not to buy new cars or big screen TVs when times are tough. If it comes to a choice of feeding their kids or paying for cable TV, they will cancel the cable. The government has never bailed out the average American; those citizens must suffer through life armed only with guts and determination. The government does not save the average American from foreclosures and repossessions; we take our beatings and move on. The average American knows what it is like to lose their job; many know what it is like to lose everything. The economy can burn, the average American will handle it, and the average American wants to see their rich corporate American counterparts learn what the tough side of life is really like.
The “experts” all say the bailout is essential. The “experts” got us into this mess. Why should the average American trust the “experts”? All of the “experts” agree on only one thing; they agree that the bailout may not even work. I do believe, that for $700 Billion, the average American wants an ironclad guarantee that it will work, and they want to see some regulations enacted to see that greed and stupidity does not let this ever happen again.
Everyone, back to the table, do it all again. Do not pass a bill that rewards bad behavior. Pass a bill rewarding the banks that did not screw up. There are many sound institutions sitting on cash simply out of fear. Take $700 Billion, loan it to those banks, at a preset rate and a fixed term, so they can get back into action doing what they do best, making loans to responsible people and corporations. Let those institutions that screwed up rot while trying to figure out what to do with all of those bad loans.
James A. Zachary Jr.