What a mess we have going on in Washington D.C.
The President and Congressional leaders - including the two Presidential candidates - are wrangling, arguing and pointing fingers as they try to explain why we should support ponying up $700 billion to bail out the financial meltdown.
Politicians and economists are warning if we don’t act fast, we face an even worse financial crisis. Some are even comparing it to the Great Depression that started with the Stock Market Crash in 1929.
Don’t you wonder where all this energy was when proper oversight and regulation was needed in the housing market? Some of the largest banks in America showed little concern about risky home loans, since they sold the loans the next day to another company. Many had so little verification of income, we were told of local car dealers who could not get a customer approved for a car loan, but they were approved for a home loan.
We are finding out about huge salaries and bonuses paid to executives at Freddie Mac, Fannie Mae, Lehman Bros., AIG, and on and on. We know that these companies were making huge contributions to the political campaigns of those who should have been stopping these abuses.
It seems as if we have no choice but to support some form of a rescue plan, but we deserve much more detail about how we got into this predicament. Also the oversight and regulation must be in place to make sure our $700 billion are not wasted. That’s $10,000 per household. We have to know all the facts. It also pushes us further in the direction of socialism.
Everyone is calling for cooperation between Democrats and Republicans in this rescue. We need cooperation alright.
We would like them to cooperate in putting people under oath, beginning with members of Congress. Next, the heads of some of these financial institutions. We also need to take a look at ourselves and see if we are trying to live above our means and yielding to the temptation of borrowing over our heads. There is plenty to be learned from this debacle if we will be honest with ourselves and others.
I’m Jim Cameron…let us know what you think.
Contact Jim Cameron at firstname.lastname@example.org