Response to $700 billion proposal

So far I have sent the following message to Mary Fallin, John McCain, Barack Obama, CNN, and The Oklahoman. What are your thoughts?

Ms. Fallin,

I want to express my discontent with the proposed $700 billion bailout plan by using taxpayer money to offload bad debt from financial institutions to prevent them from collapsing. This will create a moral hazard, and will make capitalism an endangered species in the US in one fell swoop. There is no doubt in my mind that our founding fathers are rolling in their graves. Where is the line drawn? I realize the economic ramifications of not bailing out the financial institutions are more severe than rescuing them, but our country needs this to happen for it to survive in the long run. It is a natural thing that must run its course without intervention. People need to learn to exercise diligence in their business practices, and this certainly is not a way of ensuring that happens. Light bulbs would come on if those institutions collapsed, because the unscrupulous characters responsible for this debacle would realize they should have been diligent and exercised ethical policies. Why not let them collapse, and institute a "prudent man" rule that applies to any financial services operation? I'm truly concerned about the future of our country. How are we going to pay off our debt obligations?

The national deficit that most people are familiar with is a joke, because our total debit obligations dwarfs that figure by a significant margin. It looks like there is no end in sight. A business would not last long if it adopted the USA's way of dealing with debt and unscrupulous business practices. The bottom line is the US consumer is tapped out. Many people cannot even afford proper medical care, because too much of their money goes towards things such as food and gas. Bailing out the financial institutions with taxpayer money will make the cost of living even more onerous for the taxpayer in the long run, because someone must eventually foot the bill. That certainly will not be foreign governments for much longer, because they will eventually scoff at our egregious fiscal policies. They will be able to get away with that too, because our country is becoming less important in the world economy as time continues to pass by. In fact, the feeling I have now is they have always acquiesced our requests, because we have always been the "big brother." I feel the tide will change sooner than anyone expects it to, which will not bode well for future generations if we are caught off guard.

Respectfully,
Brian Ledbetter

g/l wit dat.

If anything, I'd rather they pay the people who have the bad loans the money to pay them off, then its win/win. People have no more loan, the bank has no more bad loans.

I rock!
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"It looks like there is no end in sight. A business would not last long if it adopted the USA's way of dealing with debt and unscrupulous business practices."


Hahah, looks like the joke's on you! You just have to get too big to fail and then the government will bail you out no matter how bad you fuck everything up. So these businesses get a free pass.

Shinare wrote:

I rock!

I think we should start hanging any CEO who runs a major company into the ground while he milks up multi million dollar bonuses and related perks.

Literally, hanging them. From a gallows on the white house lawn. And leave them there till they rot.

/sick of white collar criminals walking free after robbing the poor, while a joint will get you prison time in some states

As a taxpayer, either way I vote causes me to lose money.
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