We need to stop the bailout for Wall Street and greedy executives NOW! We must let the bad banks fail! The taxpayer should not have to bail out banks that were involved in reckless and fraudulent lending. The fact of the matter is that the U.S. really has no money and cannot continue to bail out bank after bank. To fund this program, either the government needs to print more money which will further devalue the dollar or borrow even more money from China and other foreign countries. If this bill passes, the consequences will be dire (i.e., increased likelihood of stock market crash, more bank bailouts, refusal of foreign funding, etc). At the minimum, our children and grandchildren will have to pay for this either by a substantial increase of personal and income taxes and/or the discontinuation of government services like Social Security and Medical benefits. It's up to you.
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I think bailout is the last thing US government wants to do, but they have to do now, because otherwise, the US market will go even worse than 1929, and the whole world market will follow the US step so everybody will lose the job. Compare to pay higher tax, I'd rather to keep a job.
ReplyDeleteThanks for you comments, Jing. Whether or not the government bails out the entire banking industry, the economy will still go into a deep recession similar to Japan. The damage has been done and there is nothing the Federal Reserve or the Treasury can do about it to fix this mess. I truly believe what the government is doing is wrong and is absolutely unnecessary.
ReplyDeleteSo what do you think is the right way to help the market back the the way it supposed to be?
ReplyDeleteJing, the only way to find a solution is to figure out what caused this mess in the first place. The root cause of the financial crisis is the bursting of the housing bubble where too many people bought homes they couldn't afford and are now defaulting which in turn affects the bank's bottom line. When this happens, the banks and other companies related to the housing industry start to layoff workers which means the unemployed will spend less which in turn affects the economy as a whole. It's a domino effect. Unfortunately, the domino has already fallen and there is not much anyone can do about it. So, the only solution to the financial crisis is to allow normal market forces to correct this problem on its own (with no government intervention). Of course, there will be some pain felt by all of us when the dominos continue to fall. But the economy will eventually rebound once supply of empty homes meet demand. But this could take awhile.
ReplyDelete