The Financial Fun Continues
CNN-Money has a sample of readers’ opinions on the bailout: Mad as hell – taxpayers lash out
NEW YORK (CNNMoney.com) — “NO NO NO. Not just no, but HELL NO,” writes Richard, a reader from Anchorage, Alaska.
“This is robbery pure and simple,” Anna from Denver posted on CNNMoney.com’s TalkBack blog this weekend.
“It’s our money! Let these companies die,” added Claudio from Plainville, Conn.
McClatchy asks a pertinent question about Paulson: Can you trust a Wall Street veteran with a Wall Street bailout?
The Miami Herald has some good news on their local situation: Vulture funds may lift real-estate market in South Florida. As long as the owners are will to accept between 40 and 50 cents on the dollar, these guys have the cash to buy up the empty condos.
Sean-Paul at the Agonist says Let Me Be Clear On Something. He won’t vote for anyone to approves giving Treasury the money without significant oversight.
5 comments
I’m with the “mad as hell” crowd. No bailout. Let ’em fail.
They are going to fail. This isn’t going to save them because they have destroyed their own business. All they are doing is attempting to put things off.
…the analogy that’s been running through my mind is with stands of thin-barked lodgepole pine in areas where ground fire ran through them. They’re dead (needles are still green, but the heat destroyed their cambium layers at ground level); they just don’t know it yet…
I’d say let them die too. But I understand what they are trying to do by rescuing the banks. However, this is just pushing the fallout into the future. It may stabilize things for a bit. Give some people that false sense of security. But the destruction of wealth will continue. Inflation will take care of that.
Say good bye to our standard of living.
I think Badtux is right that the current fear is deflation, but they will overdo it.
That’s a very apt and accurate analogy, Jack. They will look fine, but they are dying from the inside. When the only goal is near term profit, the underlying structure gets ignored. No one thinks beyond their personal bonuses. They don’t plan to stay with any company very long, so there’s no reason to worry about its survival.
Inflation is a tactic to reduce debt, so you know it will be considered a feature, not a bug, Lady Min. When we stopped making anything in this country the economy was doomed.