Friday, September 26, 2008

Why 92% of Americans oppose the bailout.

I heard a poll done the other day that said only 7% of Americans support this proposed bailout plan. If you divide that equally between the states it is .14% of people in each state. I am not sure how any member of Congress can vote in favor of this bailout knowing those stats.

I was also watching CNBC and the reporters have said that a great number of those in Congress have received calls and emails and ALL of them have been to oppose the bailout plan. They did not say some of them, or a majority of them, they said they have received no calls or emails that support this plan.

Lawmakers are getting nervous. The President has spoken a few times on television about the bailout, each time talking about the urgency of approval of this plan, obviously even he realizes that with this amount of disapproval from the American public many politicians will lose their jobs if they vote in favor.

The government has caused this problem, there is no question about that. The government passed laws allowing banks to lower their criteria to lend. Because of the government, because of the Federal Reserve (which is NOT a government organization, because of poor management and shady business practices we are in a bad situation, but we must let these banks fail if we are going to make it better.

We are talking about a 700 billion dollar bailout here. And we are told that we wil see profits on this bailout, but realistically you, the taxpayer, the people who are financing this bailout will see no money from this. Think about it, the taxpayer will own billions of dollars of failing companies, but there is no benefit to you.

Why bailout these failing companies, is the government going to bail you out? Is the government going to bailout the folks who can not pay for mortgages or student loans for no other reason than the bad economy that was caused by the government? In about a month or two my student loans are going to be due, I am not quite sure how I am going to pay for them because even with my degree people in my town simply are not hiring. Should I simply wait for my bailout check? No, I am not looking for the taxpayer to pay for this. I should have saved more money while I did have a job as a college student, and planned for this time of unemployment. I did have jobs lined up that fell through, but the point is this, at the end of the day I am solely responsible for my survival, and likewise these banks should be responsible, not the taxpayer.

Here is a short essay about why many people do not support this bailout, it is very well said, and because I could not say it better I am going to post it here. I am not sure who the author is, but I got this from the Campaign for Liberty
I'm not sure they understand...

WHY we don’t like the bailout.

It’s not about executive pay, or golden parachutes.

It’s not about keeping families in their homes. Most of us are making timely payments.

It’s not about having “taxpayers” (read - the Federal Government) see a return on their “investment”.

It’s not about oversight.

It’s about forcibly taking money from everyone else, and dumping it on those who have proven themselves to be terrible stewards of it. But more than that, it’s about the Constitution. You just can’t take public funds like this for the benefit of private companies. (Well, you’re not supposed to anyway.) It’s about personal responsibility and the free market. It’s about still having the possibilities of success and failure in our society.

It’s about nothing less than our way of life. In our way of life, if someone doesn’t pay their mortgage, they get foreclosed on. Then housing prices come down to reality and more homes they CAN afford become available. In our way of life, if banks take risks that don’t pan out, they fail, and another bank that is doing a good job buys their assets, hires their employees, and makes profitable use of them. That is how a society thrives, and why bankruptcy and foreclosure need to happen sometimes. Because in the end, the good guys can win.

Yes, we need change, but the change we need is to get rid of the perverse government incentives for banks to make those bad decisions in the first place. But all we hear about is band-aids, symptoms, and bedtime stories about how this will fix everything.

It won’t and it comes down to this: You can save the banks that are failing, or you can save the dollar. But you can’t save both.

That last paragraph is interesting, we can save the banks that are failing or we can save the dollar, but we can't save both. This is true, we need sound money, not fiat money backed by nothing.

Call your congressman or congresswoman and tell them what you think about this, or send them an email.

You can send an email through this website Congress.org on the left side of the page you can input your zip code to contact your reps.

You can also call the Capital Hill Switch Board at 202.224.3121

Let them know how you feel.

Sound money is Golden,

1 comment:

  1. Hey, go join the Sage of Monticello in opposing the bailout.
    Tom's Petition


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