Originally Posted by Paradigm
I wasnt for the bill and Im glad it failed it was not targeted properly and was loaded with too many goodies and then Pelosi went partisan in her pre vote speech
I wasn't for the bill, either. I called and wrote all my Congressmen of my opposition.
The so-called "bail-out" plan is structured to maintain wealthy portfolios and does not address the problem that has stymied our national economy. It didn't even eliminate golden parachutes as touted, even by Pelosi. There was so much hot air, that no one could believe anything about it. Now that it has been published, everyone can see that it is full of holes. No wonder Congress voted it down, and no wonder why the Administration wanted it to pass quickly before everyone could see what was happening.
The big problem, as I see it, is the current banking system. #1 is that it is a Fractional Reserve System. True, other countries, especially Europe use it, too, but US Banks have "invested" their portfolios in real estate. Talk about being "house poor"! Not only did low wage earners get expensive homes they could not afford, so did the banks! The banks have gobbled up all the real estate they could, and now they are choking on it. I watched this happen in the airline industry... big airlines pushing smaller airlines into BK using their size, as well as some dirty tricks, in order to pick them up off the BK floor. Then they, in turn, drowned in their own debt. Trying to "rescue" a stupidly managed banking system by throwing money at it just won't work.
While the rest of the world's banks loan out money against deposits at about a 1:1 (+/- .5) ratio, US banks leveraged themselves at 3.5:1! We are much farther out on a limb than any other banking system in the world.
As the limb begins to break, none of these other world banks are going to come to our rescue, not only because they view our banks as stupidly managed, but our currency exchange will put them in the poor-house along with us!
I have written several blogs about why we need to get out of the Fractional Reserve program, and why we need to get rid of the monetarists that run our federal monetary policy. Most of the public "knows" that our fiscal policy is dominated by pork-barrel politics, but still vote for that hog trough, even while commiserating about how it is running up our national debt.
Our public is schizophrenic: everyone wants one thing but says another. We can't have low taxes simultaneously with entitlements. Until both the dems and gop get it together, we will all sink from greed, drowning while clutching onto the almighty dollar and grasping for more! I have been as guilty as anyone... but learned my lesson. My wife and I are stuggling to get out of debt, but it is extremely painful. Our nation will have to absorb a lot of pain to get out of this mess, too. There is no easy out for anyone. (Maybe not so painful for the super-rich!)
Like I said previously: I have to admit I was too dumb to recognize the salient message of Ron Paul until he lost out in the elections. I never tuned into him until it was over. I heard him in an interview just the other day. It appears that some others are beginning to recognize his wisdom, too.
Too bad we can't "re-do" the elections from the get-go.
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Originally Posted by somarco
Nope. That is why they are called INVESTORS.
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read: MARKS
Can you read the Bailout Bill?
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