The big topic of conversation this week is about the lending houses on Wall Street. There is a bailout plan in Congress right now that has a minimum price tag of $700 billion and an estimated price tag of $3 trillion. I know there are pros and cons to each side, but I am coming out against the bailout.
Why?
Because I am one of those Americans who works hard, ensures that I stay gainfully employed, pays all of my bills on time and doesn't live beyond my means. But, because I am one of those hard workers, I am also in the group who will have to pay for this bailout.
On the other side, we have people who do not work so hard, don't live within their means and we also have lending houses making very bad business decisions and when those decisions came back to haunt them, they ran crying to the Federal government and asked then to saddle people like me with the bill.
I don't want to pay. I mean, hey, if it is okay for others not to pay their mortgages or take on more debt than they can pay back, why should anyone expect me to be the responsible one? If others can shirk their responsibilities, I can too. Correct?
Of course that is correct. That is why I am against this bailout. I, and the millions like me, should not be punished for someone else's mistakes.
Further, this bailout fails to correct the government mechanism that allowed this crisis to occur: The Community Reinvestment Act Of 1977. This law forced banks into making bad loans. The Clinton Administration expanded on it in the 90's to force banks to take on even higher risks. That law is still on the books and as long as it is there, it will create more problems down the road.
Now those risks have blown up in our faces. It is time to let the lending industry fail so that it can be rebuilt in a more rational manner.
Saddling me, my children and my grandchildren with more debt is not the answer. Holding the people responsible for this accountable is the right answer.
Call Congress and tell them not to approve this bailout.
So, Joe Biden made another gaffe. He says that back in 1929, when the markets collapsed and the depression began, President Roosevelt didn't just sit there. No, he got on television and began pitching his plan to fix it.
There is just two problems with this. Roosevelt wasn't President in 1929 and television was not a staple of mass communications yet.
One has to wonder, with all the gaffes that Biden (and Obama) have pulled, where do the Democrats come off with all of their criticisms of Sarah Palin?
Let's look at some of these gaffes.
For Biden:
- Biden invites a wheelchair bound State Senator to "stand up and take a bow."
- Biden contradicts Obama on clean coal.
And what of Obama?
- 57 states.
- Forgetting that he was in Kansas City rather than St. Louis.
- Saying John McCain would be Geroge Bush's "4th term."
- Telling a seven-year-old little girl that America was a "mean country."
- Having to be reminded that he was a Christian rather than a Muslim.
Before the Dems start any more false rumors about Sarah Palin, they might want to have a sit-down with the two guys on their own ticket. Right now, the biggest advantage the Republicans have is the Democrat ticket.
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