There is obviously a lot of debate going on right now about the proposed bailout package that President Bush has asked Congress to approve--and approve quickly. Is this enough money? Will it plug a hole in our economy's breaking dam? Will it help the average Joe or just Wall Street? Will this address the causes of the crisis in the first place?
Politico has a great new feature, called The Arena, in which experts offer their opinion and analysis in response to a certain question. Today's question is: What is the biggest flaw in the administration's bailout package? What is the remedy? If you have some time, it's worth a read of the slew of experts that weigh in. And if you don't have that much time, you can peruse the first few sentences of each contribution.
I'm still trying to read more, but I think the bailout package seems kind of like this kid I knew in high school. His parents were wealthy and were lenient in their discipline. This kid liked to drink and drive, he liked to go spinning donuts in muddy fields, and he liked to drive way too fast. Needless to say, this kid totaled several cars--and these were nice cars, like Land Rovers. But every time he would crash his car because of reckless behavior, his parents would give him a slap on the wrist and buy him a new car. Like another Land Rover. I think he went through three or four of them. Now, I understand that it's often an inconvenience for parents to have to drive their kid around when he's 17 years old and it can be easier just to buy another car and not listen to your kid whine. But the kid learned nothing except that his parents were suckers for bailing him out. And in a lot of ways, the Wall Street bailout is way worse (other than the fact that it's, you know, the entire US financial market) because it's not just our dumb government not being good parents and not punishing investment banks for their reckless behavior, it's we taxpayers who are going to pay for the new Land Rover. And, furthermore, with the inclusion of bad debts from foreign banks, it's like buying the kid a new car, and throwing one in for his dumb-ass friend, just because.
Look, I obviously realize the government needs to do something. But you can help alleviate the financial markets without totally screwing over future generations (like mine) and by including provisions that would deter investment banks and the like from engaging in the same risky behavior that got us in this mess in the first place.
I don't really feel like paying for some multi-billionaire's retirement package when years from now federal funds will be so depleted that I won't even get Social Security. Thanks, but no thanks.
Politico has a great new feature, called The Arena, in which experts offer their opinion and analysis in response to a certain question. Today's question is: What is the biggest flaw in the administration's bailout package? What is the remedy? If you have some time, it's worth a read of the slew of experts that weigh in. And if you don't have that much time, you can peruse the first few sentences of each contribution.
I'm still trying to read more, but I think the bailout package seems kind of like this kid I knew in high school. His parents were wealthy and were lenient in their discipline. This kid liked to drink and drive, he liked to go spinning donuts in muddy fields, and he liked to drive way too fast. Needless to say, this kid totaled several cars--and these were nice cars, like Land Rovers. But every time he would crash his car because of reckless behavior, his parents would give him a slap on the wrist and buy him a new car. Like another Land Rover. I think he went through three or four of them. Now, I understand that it's often an inconvenience for parents to have to drive their kid around when he's 17 years old and it can be easier just to buy another car and not listen to your kid whine. But the kid learned nothing except that his parents were suckers for bailing him out. And in a lot of ways, the Wall Street bailout is way worse (other than the fact that it's, you know, the entire US financial market) because it's not just our dumb government not being good parents and not punishing investment banks for their reckless behavior, it's we taxpayers who are going to pay for the new Land Rover. And, furthermore, with the inclusion of bad debts from foreign banks, it's like buying the kid a new car, and throwing one in for his dumb-ass friend, just because.
Look, I obviously realize the government needs to do something. But you can help alleviate the financial markets without totally screwing over future generations (like mine) and by including provisions that would deter investment banks and the like from engaging in the same risky behavior that got us in this mess in the first place.
I don't really feel like paying for some multi-billionaire's retirement package when years from now federal funds will be so depleted that I won't even get Social Security. Thanks, but no thanks.
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