Congress is right now trying to put the finishing touches on the most unpopular piece of legislation since McCain-Kennedy. They are meeting right now to try and find a way to provide a welfare program for failing financial firms that made bad bets while attempting to scare the American public that if something is not done right now it is our doom.
Funny, they have been saying this for a week and each day our doom has not come despite such claims.
There is a distinct weakness in the theory that the government should bail out companies. Just like it should not provide Welfare programs to individuals, it should not do so for companies.
The plan is unpopular and they are trying to ram something through because they know it!
The more voters learn about the proposed $700-billion taxpayer-backed Wall Street rescue plan, the less they like it. Most voters remain largely unworried about their own money, too.
Just 24% of U.S. voters now favor the plan first proposed by Treasury Secretary Henry Paulson a week ago and the subject of very public negotiations on Capitol Hill ever since, according to a Rasmussen Reports national telephone survey taken Friday night. Fifty percent (50%) oppose it, and 25% are undecided.
Six-out-of-10 voters (60%) remain worried that the federal government will do too much to bailout the ailing financial markets. Only 28% think the government will not do enough.
Fifty-one percent (51%) of investors oppose the plan, and 63% of them worry the government will do too much.
Opposing this bailout is politically (and economically) smart! Not to mention this whole things is unconstitutional! If the American people let their representatives pass this bill they can expect even more crap like this in the future.
Here’s the deal folks. The Democrats lead by Nancy Pelosi want this plan more than anything. But they do not want to be left holding the bag if it passes and the markets do not recover and Republicans do not vote for it. They do not want to pass bill with little or no Republican support even if they could do so.
Like always, liberals are political cowards! So if your representative in the House is a Republican (conservative or liberal) get on the phone or fire off an email telling them NO BAILOUT!
Here is the dirty little secret. No bailout is needed.
If a bank holding your mortgage goes under you do not care. Someone will buy it whether you are paying your mortgage or not. Why? Because if you are paying your mortgage they make money and if you are a deadbeat who is not paying your mortgage they can kick you out and take your house which is worth whatever it is worth. They gain assets either way and while gaining a house that may sit empty while the economy recovers is not as attractive as having a mortgage in good standing, they still get something.
Let the banks fail. It will be ok in the long run. Yes, there may be some short term shake up and suffering but no one ever said life was easy. And we’ve done this to ourselves because too many people do not take responsibility for their own bad decisions.
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