I am actually happy that the $700 billion bail out plan failed in congress.
I am by no means a financial expert, but if a company drives itself into the ground because it was led by people who made really stupid, greed driven decisions they don't deserve money from me. And is it really in their best interest to save consumers who made really stupid decisions to get into ARM’s and houses that they couldn't afford? Shouldn't these banks and consumers get the message that there are consequences for making poor decisions?
We live in a society devoid of moral restraint. That’s why we are in this mess. Society says if you want it, go get it right this second. Oh wait, you don't have the money, that's ok, just borrow more. It seems some people have forgotten the word "NO."
The fault of the current situation is the government using ridiculous excuses to pressure banks into shady lending, banks for using greed to obtain mortgages they knew would never pan out, and the ignorant and not so ignorant individuals who went out to buy what they couldn't afford.
Instead of spending $700 billion in taxpayer money to banks who need to be out of business, why not change the rules. How about doing away with smoke and mirrors accounting practices? Why did executives in these failed banks walk (or run) away with millions of dollars in severance and pension packages? Where did that money come from? Why aren't these executives being investigated? Enron was a witch hunt, why aren't these bank crooks sharing cells with the Enron folks? I think the truth of the matter is some politicians and these executives are too tangled up in their, "you scratch my back, I'll scratch yours." tactics.
I am fed up with our president, politicians from BOTH parties (but not ALL), and the media using fear mongering to incite panic. How out of touch are our politicians, many seem only to care about their own power. They think the American people are too stupid to make decisions for ourselves. I believe their 18% approval rating speaks for itself. This mess proves more and more that congress needs term limits to be more effective. Maybe if they weren't so obsessed with gaining higher power and bigger egos they would actually be more concerned about the people they represent.
The system is broken. You don't put a band aid on a broken leg, you fix it. Throwing money at the problem will not fix it. It will just show the greedy corporations and individuals that if they screw up someone will save their sorry butts too.
How about some accountability?
There are many who pay their bills on time and live below their means, if they can do it, you can too.
If you seriously screw up on the job you get fired.
If you do something stupid you suffer the consequences.
How about not giving loans out to everyone?
How about thinking with your brains instead of your emotions?
How about doing your jobs?