Comments on: Bailout Blues

By: Theresa

Theresa — Tue, 30 Sep 2008 21:27:20 +0000

From what I can tell, lots of blame is being assigned to those associated with Fannie and Freddie. Currently, several Democrats are in the spotlight. I find it ironic that Fannie was created in the wake of The Depression to pull the housing market out of the depths. Now she’s a big stone pulling us under.

Yes, we must learn from this experience. However, I doubt the usual Washington-circus will uncover the truth.

By: Larry Jones

Larry Jones — Tue, 30 Sep 2008 20:06:03 +0000

Theresa – I admit I don’t know what’s really going on, but I can’t recall another situation like this, where no one likes the proposed solution, but everyone agrees — including those who have already voted against it — that the legislation in question (or something like it) should be passed. The number of people in Congress who are willing to walk away without doing anything can be counted on your fingers. It makes me think they know something that we don’t — something extremely compelling.

Regarding accountability, there will certainly be some kind of post mortem, and there should be. We can’t just go blithely on without trying to determine what we did wrong that got us into such a mess, or else we’ll end up doing it again. It would simplify things if the Republicans — the “conservative, small government, anti-regulation, free-market zealots” would just admit that they were the primary culprits.

By: Theresa

Theresa — Tue, 30 Sep 2008 18:01:59 +0000

… and thanks for the hug. I always have them for you too!

By: Theresa

Theresa — Tue, 30 Sep 2008 18:01:19 +0000

Anyone who sticks their neck out for this legislation is taking a significant risk. If it goes well, they won’t be seen as a hero. At best, we will shrug it off and be glad to move on to better things. At worst, they will be blamed for making a bad situation worse.

Also, the blame-game is already starting. Once the problem-solving is past the crisis point, most in Washington will spend lots of time and energy (and probably more of our tax dollars) trying to figure out which of them to hang from the nearest tree. I’m all in favor of learning from our mistakes, but the witch-hunters will defend themselves with their favorite word: “Accountability”.

By: Larry Jones

Larry Jones — Tue, 30 Sep 2008 17:44:09 +0000

Theresa – I’m pretty disturbed, but so far not afraid. Congress will pass some kind of bill, probably this week. Times will be tough, but bearable, and the laissez-faire Republicans — most of them — will be tossed out of power, so we might be able to correct course over the next few years.

And you know where I am if you need a hug.

By: Theresa

Theresa — Tue, 30 Sep 2008 14:02:25 +0000

I don’t know how things are in California, but here in middle America it’s pretty damn frightening! The impact of greedy short-sighted risky financial practices have been devastating. It will continue until we MAKE it stop.

I don’t want to pay for it either. I also want to stop getting phone calls from friends telling me they’ve been laid off; I want to stop watching my retirement account evaporate; and I don’t want to lose the little shack that I call home.

Fear? You’re damn right I’m afraid.