Tuesday, September 30, 2008
While a quick $700 billion fix may steady the economy for the short term, the results will not yield long-term benefits. Financial institutions will surely continue their greedy ways once they know the federal government is financing them. Thus the problem will not be solved, but temporarily fixed. If the government simply bails out the financial institutions with no consequences, the mess will be left for our generation to clean up.
—Erin Brown
I love the idea of this $700 billion bailout. I hope the next time I go to a casino, the federal government decides that my carelessness with my money warrants their saving my risky ass. Since when did the government become an insurance company that backs risky loans? Did I miss when this started? If I’d known about this even being a possibility, I would’ve invested all of my money in one of these high-risk markets and would be able to pay off college in no time. None of them deserve any money.
—Ross Stewart
As far as I can tell, the insane privilege that this country affords big business got us into this mess, so it's only fitting that we hold the executives’ hands to get out of it.
A shady business model was exposed and Treasury secretary Henry Paulson suggested the taxpayers bear the $700 billion consequence. Without giving taxpayers share in ownership in return, the government would essentially be fundraising to protect the most powerful business leaders in the country from their bad decisions. Luckily, Congress reacted to Paulson's plan with similar skepticism. Though no deal has been reached, I worry that the fall-out plan will ask too much of us and too little of the people at fault.
—Sonya English
Financial disasters like this don’t just magically appear. It has been a long time coming because this nation has its priorities completely mixed up. We increase military spending to fight a war abroad when the real fight is in our wallets. As a nation, we need to learn not to live outside our means. If you can’t afford that brand-new plasma TV, taking out a loan you don’t ever plan on paying back isn’t a smart move. Just because the government likes to solve its problems by throwing money it doesn’t actually have at them doesn’t mean you should do the same. Let’s fix this thing ourselves instead of relying on more inept people to fix it for us. I’d like to be able to walk to campus without lugging a wheelbarrow full of cash with me just to pay for lunch at the Union.
—Michael Pope
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Comments
What we think about the financial problems
Here's a video discussing how we got into this. It's a bit shoddy, but hey.
Burning Down The House: What Caused Our Economic Crisis? Bombshell by TheMouthPeace
What we think about the financial problems
Also, if you'd like to learn more about exactly how these banks got into trouble and why we shouldn't give them a damn red cent, look no further than this exceptionally-informative stick figure comic:
http://www.businesspundit.com/sub-prime/
What we think about the financial problems
That stick figure cartoon would be perfect if it didn't leave out CRA and attempted reforms of the GSEs! Hats off!
What we think about the financial problems
Thank you for your extremely constructive comment, mr2b. I look forward to hearing more fascinating opinions.
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