Momentum is growing against the proposed Wall Street bailout as many Americans apparently don’t want to buy into “Paulson’s Plunder,” even after George W. Bush tried to sweet talk the nation last night into accepting his Treasury Secretary’s plan.
Congress is working on the “plan,” trying to figure out how best to modify and implement the proposal, but it is still a $700 Billion Bailout! We — you, me, your spouse, your children, your grandchildren — are going to end up paying over $2,300 for every man, woman, child (U.S. population estimate according to the CIA World Factbook).
How would you spend $2,300 if you had it free and available to do anything you want? What would you do with that much money if you were restricted to do something relating to the financial sector–banks or stocks? Would you put it in savings? Certificates? Stocks? Something that would be an “investment” and would perhaps give you a return of some kind?
We are being asked to donate that much of our tax money to a bailout that, as written, gives no return to the investor, the taxpayer. Proponents of the plan say that our return will be a stable financial system. Economists nationwide are finding flaw after flaw with the plan the more they study and analyze it. There are no financial returns and few regulations on the use of the funds. The initial proposal included no oversight from anyone outside the Executive Branch of the government — the Administration. It was an attitude of “just hand over the money and trust us.”
Trust. What an amazing betrayal of trust. After what this president and his pack of pals have done to the American people and imposed on the world the last eight years we are supposed to trust them?
We’ve lost civil rights, been wiretapped, experienced continued deflation of our dollars, died and killed in a misbegotten war and now we’re being asked to just “hand over the cash.” The only thing missing in this scenario is a thief’s mask.
Alternative economic plans are emerging as economists continue to work through all the layers of the current situation. Most say timing is an issue, but they have been saying that for two or three years! There were warnings of the upcoming crisis in 2006 and even earlier! This MSNBC clip is dated 8/28/06 and shows the two opposing economic views and I’ll bet you can pick up the position supported by the Bush Administration! It is also obvious that at least half of this duo knew what was coming and now we’re in it.
I would be interested in what others, anyone, think are possible solutions? Everyone has ideas, whether they have been trained in economics or not. Most of us have and use money. Don’t we regulate ourselves? What kinds of regulations do you have on your personal finances? Do you think those same basic principles apply to our communal finances, taxes? How do you feel about all of this?
If you want to speak out, here’s one way. I just received the following in an email:
Today (Thursday) there will be emergency afternoon street protests across the country. Please find the nearest protest and bring a sign and a friend:
You can surely call, write or email (it’s gotta be fast though!) your congressmen and give them your opinion, even if it is simply, “NO! No, to Paulson’s plan.” You don’t have to be an economist or give them an expansive explanation of your alternative, you “JUST SAY NO!”