September 29, 2008 at 11:03 pm
· Filed under Ecomonic Issues
Are we are witnessing the failure of a President to lead? I wonder if the people understand what is happening. Congress is asked to vote for a 700+ Billion dollar “bailout” of the financial market. Ok, why? The President remains quiet for many days, then talks to the people and instead of explaining and trying to persuade us, basically says I need this done, trust me.
I admit that I do not understand the problem. Without a clear explanation, I am tempted to believe that Multi billion dollar companies run by millionaires are attempting to extort the American taxpayer.
It is clear to me that the mortgage crises was mostly the fault of bad business. The bad business decisions were made worse by mortgage companies that decided to foreclose instead of keeping the mortgage and renegotiating the monthly payment. In effect the rich financial companies hurt themselves. So many foreclosed that the prices of real estate declined and the mortgage companies suddenly had property they could not sell without a huge loss.
Why didn’t the President clearly explain the situation? If he did not understand it himself he could have asked someone who did understand. In effect President Bush decided to “pass the buck” to congress.
Congress is a very large committee. Committees are traditionally very slow to act and usually must compromise in order to gain a majority for action. Solutions by Congress are usually a bit of a mess. Congress, in order to gain votes, add amendments at the request of members. Without such compromise almost any bill will be defeated.
If this is such a crises, don’t we need leadership? What we are getting is political infighting. The Secretary of the Treasury needs to gather some real economists, design a plan that will really work and give to us. He needs to work a crew 24/7 if necessary to provide the needed plan and then sell it. No more political incompetence please.
Permalink
Becky said,
October 7, 2008 @ 11:15 am
If you ever do figure out what this 700+ billion dollar bailout is all about, please explain it to me, I can’t seem to understand it either. I do not understand why we are giving millionaires all this money to fix a company they ran into the ground by giving loans to people they knew could not pay. Not saying that’s how all of it happened, but it’s a good deal of the problem I think. Not only that but what about all of the people working at these institutions? With the economy like it is, how hard will it be for these people to find jobs? Who’s giving them money to support their families? I may have it all wrong but this is what I understand of the situation. Once again if you do figure it out, please let me know.
Thanks
Oblivion said,
October 12, 2008 @ 4:39 am
You sort of make it sound like McCain when it comes to the Secretary of the Treasury. Are you saying we need to get all the smart people together on a committee? It would still need to pass through Congress, which to me is a good thing. We should be rule by committee, we are rule by committee… hence ‘Republic.’ The fact that it takes a long time to get things done is necessary for our government. Otherwise, we get USA Patriot Acts passed, or declarations of war approved, when no one understands the issue, everyone is being lied to, and a little inflammatory rhetoric comes about.
America is all about bad business, and they definitely should not be bailing out everyone. Banks, yes, loan companies in order to prevent people from losing their homes, yes, or better yet the home owners themselves, yes. If they really want to save the economy, they should impose a regulation on gas companies that MAKES them lower prices by 75 cents a gallon. I’m pretty sure the oil companies would still make record profits, but Americans would actually be able to afford to buy stuff, and companies would stop folding due to huge shipping costs causing raises in all other markets.