Oct 7, 2008

So You're Already Complaining About the Bailout

If you are one of those people that is already saying I told you so about the bailout plan and blames George W. Bush for the stock market and all your financial woes because the market has gone down since the House passed the bailout, then you are probably not looking in the right place for information
I cannot support government's involvement in private affairs, but from an economic discipline I do understand that it takes time for government expenditures to show real economic returns in the market place ( and by returns I mean minimal short term benefits). However, just as financial gains are rewarded to risk taking individuals, financial losses are distributed among investors.
The Republican party is no more responsible for this crisis than its democratic counterpart. If you want to throw G.W. Bush into the fire for the financial problems that we face today so be it, but be just as angry with Barney Frank, Nancy Pelosi, and the Democratic resistance against financial principles that are accepted by every self respecting professional in the industry.
In short, it has been 48 hours since the bailout. Yes, it will have an effect. Will it erase the effects of the negligent behavior of the government and the financial sector? ABSOLUTELY NOT. Will it stabilize banks and allow for short term lending under more conservative lending procedures that will improve our future economy through more sound investments (by being cautious and responsible). Probably so. But, if you are the type of person that blames George Bush for your lack of economic value in society, then the American people would be better off if your sufferage rights were revoked.

-Drillson Rigs

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