Friday, September 26, 2008
Politics: 700 Billion Bailout Plan?
Nevermind that Obama supports this blank check (or at least a form of it) as well. Moveon.org loves to bend facts when they're not completely lying. This is a bi-partisan issue that I'm not quite sure whether or not I support because I don't know enough about it. But here's what I do know.
Apparently this new bill is being worked on to bail out some companies whose success would help the economy and whose failure would hurt the economy. There hasn't been a list of companies posted anywhere that I know of, nor is there any real cap on the amount of money being spent.
The way the thing is written, it gives the treasurer the right to bail out Wall Street by using a process which I don't completely understand yet, but is limited to using 700 Billion dollars at one time. Then, it goes on without any specification to how many 'times' the damn thing can be used. So if used twice to its limits, 1.4 trillion dollars could be spent to bail out the economy, thus putting us further and further into debt and... destroying the economy?
700 billion dollars of government money being put into the free-market compromises our capitalism. This is a direction that several governments have gone before us. This is bringing a few terms to mind: Communism, Socialism, Command Economy... etc. I just saw one of the penguins down in our government say that he "hoped" this would be temporary. THAT has been heard before several times in history.
America has some problems.
This is a weird bill that's being put through. But all the penguins down at the senate and house seem to support it. I just got done watching Pelosi talk about the progress being made, and McCain just said that significant progress was made yesterday so he's deemed it alright to debate today rather than be absent from the debates.
I'm not quite sure how all this is going to play out. But this whole thing makes me shift in my seat a little. It just smells bad. A lot of limits need to be put on this thing if my understanding of it is correct, and I hope there's a lot of limitations I don't know about. But if there are, the media isn't showing them the light of day.
This could be compared to FDRs New Deal, or it could be compared to something completely different. I hope it works.
Watch and wait.