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Deal Or No Deal? |
Posted at My hometown Ocean City Maryland by Monica McNamara
September 26, 2008
Categorized in: Monica's Views
DEAL OR NO DEAL?
I preface this diatribe by saying I am not an economist or a learned financial scholar. I am a private citizen who works hard for a living, and I want our economy to come out of this financial debacle having regained some stability. I offer no eye popping solutions, just personal observations for us all to consider, especially in light of our upcoming national election
A 700 billion dollar bail out of the banking industry. That’s on top of what we have already spent to save Fannie Mae, Freddie Mac and the Insurance giant AIG. I, for one, don’t know what we are really getting for 700 billion dollars. I think it’s just a lot of bad debt.
The chairman of the Federal Reserve, Ben Bernanke, and the Treasury Secretary Henry Paulson tell us that the whole banking industry will come to a grinding halt if the leaders of congress do not approve this massive bail out. No more home mortgages, no more car loans, no more small business loans, no more loans period. That sounds financially devastating.
Isn’t there any other solution to this crisis? I don’t know how we as private individuals know for sure that the ruination of the banking industry will occur as Bernanke and Paulson have painted for us if we don’t bail them out. It’s as if we are expected to accept the fate of these frightening outcomes on faith alone.
Say we do this. What industries are next? The automobile companies received 25 billion dollars to bail them out. Where does it stop? What else aren’t we being told?
It seems to me that we are privatizing profit, but socializing the massive losses. That sounds oddly familiar. The word communism comes to mind.
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