Friday, October 3, 2008

Quick Take on the Bailout Bill

Without reviewing the text of the Bailout Bill that was just approved by the House of Representatives, I can only comment generally on the concept and not the particulars.
I'm not opposed to finding temporary ways for the federal government (yes, I'm using lower case on purpose - I don't know that our current leadership warrants capital letters) to encourage economic machinations that will allow businesses to run until this situation stabilizes. I also don't the federal government should look to micromanage this process (Lord knows they haven't done so well keeping their own house these past few years).

But I am 100% opposed to any plan that does NOT include some Federal oversight. I'm also opposed to any plan that does not include provisions to curb executive compensation, at least during the duration of the governmenal intercession. I'm ALSO opposed to any plan that includes provisions for foreign investors who purchased risky paper.

This plan is not supposed to relieve investors of their obligations for their investments that did not turn out the way they were supposed to. I'm HIGHLY skeptical that all of these debts will "eventually become properly valuated" (if they would, then financial institutions would be less desparate to divest them).

I just prey that our leaders (and MAN do I use that word with a grain of salt) have not just thrown $700 B of our hard-earned dollars away on a solution that will NOT effect real change and reset the economy. Otherwise, that's one hell of an expensive bandaid.

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