Brother could you spare $3553.38? Each American's Portion of the Bailout

Brother could you spare $3553.38? Each American’s Portion of the Bailout

By Albert N. Milliron, Editor, Politisite.com, Iron Mill Interactive Media

Based on the United States Census Figures from the year 2000, there are 281,421,906 people living in America. A bit of Math reveals that the Wall Street Bail out which has been framed by our Congress as the Economic Rescue Plan will cost each American $3553.38. That includes our children.

The reason this piece has the heading as Opinion is that this plan has caused some real strange bedfellows. On NowPublic Alone I am in agreement with a writer who I rarly agree with. When was the last time you read that Politisite and Moonwolf were in total agreement on any issue. The same has occured in Congress as Georgia Congressman Lewis the Here of the Civil Rights Movement who nealy lost his life fighting for freedom of Black Americans in the South and John Culberson, R-Texas. Folks that would usually vote opposite each other in any other legislation presented on the floor.

I will speak in the first person here. I disagree with President Bush, Sen. McCain, Sen Obama, Speaker Pelosi and Sen Reid on this measure.

Business fail in the United States all of the time. There is no bail out for these folks. The socialization of wall street is a slippery slope that will cause America to fall into the abiss of interveining into the inter workings of the economics.

The rational that is being floated is that if we do nothing, there will be no money for loans for the American people. I say good! America has become a debter nation because of our, Have it now pay for it later mentaility. So what if one cant get a loan for a new car? Drive that 5 year old car for a few more years. no loans for new houses. How about be happy with what one has. No student loans. The private sector can give scolorships to those who kept their grades up and are good prospects for eduction. Most fols who use the student loan system end up paying back tens of thousands of dollars for 10 years after they graduate.

America has become addicted to money they dont have. Wall street wants to continue the electronic slavery that has occured due to credit.

America used to provide credit at the gas station in whuch you lived. They new you and you paid them back on pay day. The grocery stories did the same. Loans were given at the bank because you did business with them and they knew you.

The decentralization of credit has caused this problem and ones name and repretation means nothing. I could also go on about the push for every American to have a home of their own. Previous presidents golated in the statisitics that said home ownership was up under their administration. The problem was that the push was to put people in home sthat had no assets, no real ability to pay over the long term, and debt to equity ratios way above what was concidered appropriate for one to get a loan.

If you notice, your small lcoal banks are not in trouble. The reason? The give loans to folks who have a relationship with them. They will not give a loan to someone who does not have disposable income that a payment would be more then 1/4 of their over all income.

My Bank, Georgia Bank and Trust, is not in trouble because they do not underwrite loans were folks cant pay them back. They also know the folks who apply. The decentralization of mortgages etc. has caused the who process to be impresonal thus the break down.

No what would be the good reason for Americans to reward poor economic behavior? So folks can get loans? Maybe it is time for Americans to learn how to buy with cash and save for items. Maybe even put 20% down on a house so they have an interest in keeping the property.

The bottom line for me is that this break down on wall street will help Americans rethink before they sign away for an item they cant afford.

I am sorry, I am not willing to pay $3553.38 for the failures of Wall Street executives. I am willing to suffer the conscequences of doing nothing.

Here is a link to the Plan: Economic Rescue Plan

President Bush Makes New Plea for Congress to Pass Economic Rescue

President Bush warned Congress today that the country’s economy was at a “very critical moment” and that failure to quickly pass a Wall Street bailout would create “painful and lasting” economic hardship.

The president pleads for “decisive action from the government.”

It was the second time in two days that Bush made appearances before the Wall Street markets opened to assure business leaders the government was urgently trying to fashion a rescue plan.

Today’s appearance came a day after Congress shocked the Bush administration and Wall Street by rejecting a $700 billion bailout, and traders — as well as much of the nation and leaders around the world — held their breath to see what drama today’s markets would bring.

Bush said he wanted to assure “our citizens and citizens around the world that this is not the end of the legislative process.”

The president called this week “a very critical moment for our economy,” and he pointed out to Congress that Monday’s stock plunge had cost Americans more than $1 trillion.

Source: abcnews.go.com via politisite

SC senators split over economic bailout plan

Even though they’re from the same party, South Carolina’s two U.S. senators don’t agree on the $700 billion economic bailout plan being debated in Washington. Sen. Lindsey Graham says the bailout is a bad choice, but not passing it would be catastrophic to our economy. Sen. Jim DeMint says passing the bailout will worsen our debt and weaken the dollar.

Sen. DeMint says government meddling is at least partly to blame for the crisis it’s now trying to solve. “This is a failure because government injected itself into the free market, created this easy credit, these guaranteed loans, and these loans are what have turned into the bad paper that are bringing all these financial institutions down,” he says.

He says the natural risk that comes with investing built accountability into the system. “But the government has come in and removed that accountability with taxpayer guaranteed loans, and now they’re talking about a trillion dollars more money that we’re going to throw at this problem. And with the debt that we already have as a country, I’m afraid the rest of the world will lose confidence in the dollar,” Sen. DeMint says.

But Sen. Lindsey Graham says he’s got to opt for the bad choice, the bailout, over the catastrophic choice of doing nothing. He says allowing these financial corporations to fail would cause “a catastrophic financial meltdown throughout the nation and eventually the world.”

Not passing the bailout, he says, would have a big impact on South Carolinians. “If we don’t get these bad debts out of the system, then we’re not going to have availability of credit to the average person. That means people are going to lose their jobs because companies are going to fold,” he says.

“So if you’re a South Carolinian in business and you need to borrow money to expand your business, there will be no money available. If you’re trying to get a student loan in the private sector, you may not be able to get any money to go to school. If you’re trying to buy a house, there’ll be no bank able to lend you money. That’s what it means,” he says.

Source: scnow.com via politisite

PolitiSite

'Your Site for Politics' Breaking Political News, Polls, Debate Coverage, Election Results, Commentary and Analysis

Brother could you spare $3553.38? Each American’s Portion of the Bailout