Oct 062008
Thank you Ron Paul;
I agree something has to be done, but I don’t think a “no strings attached” bailout of 700B for the executives who caused this problem in the first place is the answer. If you hand those executives $700,000,000,000 without any oversight or strings attached, you’re not fixing the problem, you’re only going to make it worse (or at best, prolong the issue for another 4 years until it’s election time again and the issue comes back to haunt us.)
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I think you’re right; I know I’m not an economist, but watching their disputes over the form the bailout has taken has been instructive. It sounds like there were a number of better/more effective plans that could have been selected if the goal was just to unfreeze the credit markets and capitalize banks.
The worst part is that despite spending weeks and months propping up failing banks and arranging sweetheart deals, no one ever said, “Hey, this problem is big… maybe we should start drawing up legislation.” Instead, everyone waited until the collapse was complete, then decided to solve the problem. Not exactly forward looking…