Monday, September 29, 2008

Red Stater Not A Fan Of The Big Banking Bailout

Now I could be wrong on this one... just my opinion.
But heck if you don't have an opinion why blog?
But as I understand it, all this big bank failure Hoo-haa is about bad loans... loans to people that probably shouldn't have been approved for a loan and by people that simply didn't care who got hurt.

If one thin dime of the proposed $700Billion was going to keep people in their homes... I might think about it... but to bail out the banks while the folks lose their homes etc anyway only for those same banks to turn around and wrecklessly loan out more money... doesn't make sense to me.

I believe the US economy is large enough to swallow that deal right up and keep on chugging provided confidence in the stock market doesn't fall out the bottom which is what I think the bailout might cause. When wall street see's the banking bailout and government stepping in, it could react very negatively to that.

The federal government should let private industry and commerce take it's course, the US economy must have rises and falls it is the nature of the beast.
I heard today that Russia always had a very stable economy... and the people nearly starved to death and stood in line for toilet paper... forget gasoline.

Meanwhile Nancy Pelosi and her corrupt buddies decided it was a good time to go partisan and load up the bailout with some good old porkbarrel earmarks for corrupt and criminal liberal organizations like ACORN.
-red stater

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