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Best Take Yet on the Bailout

September 25, 2008, 8:31 am

Via Scrappleface:

The foundation of the U.S. economy could crumble, President George
Bush said today, if Congress fails to approve a U.S. Treasury plan to take over
foundering financial firms, a proposal which the president called "a
much-needed 21st-century civil rights act for stupid people."

"To sustain this shining city on a hill," Mr. Bush said, "we need to rescue
the ignorant, irresponsible folks "” from Wall Street to Capitol Hill to
Main Street "” who got us to where we are today. We must guarantee that no American suffers the soft bigotry of being forced to live with the consequences of his bad decisions."

The president, in remarks to the news media clearly aimed at
reluctant Republicans in Congress, said, "Our financial system rests on
a foundation of huge banks, brokerage houses and quasi-governmental
agencies that followed Washington's lead by gambling on long-shot,
poorly-collateralized investments. Now this glorious way of life is
threatened, and we must act to preserve it."

"We need to guarantee that the structures, systems, people and
products that got us to this point won't be tossed on the ash heap of
history," said Mr. Bush. "If these giant companies fail, then America
will be left with nothing but thousands of small to mid-sized financial
firms that made prudent investment decisions during the past 15 years."

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Category: Regulation
  • http://personalmoneystore.com/moneyblog/ Payday Loan Advocate

    With our economy going into a slump, why is it that political figures are destroying valid financial options? Payday Loans are an essential part of the U.S. financial system, providing loans to those who have bad or no credit that need the money fast. Yet, for one reason or another, legislators are targeting this financial system. Some states, such as Georgia and North Carolina, have even banned the industry all together! The politics behind it is simple; banks are lobbying the legislators to try and destroy their oncoming competition, and the legislators are falling for it. Even taking out the fact that banks are trying to take away your financial choices and freedoms so they can have a monopoly on loans, the corruption of our politics is simply wrong. Our opinions must be heard, and our freedom of choice, financial or not, should not be dampened on the soul fact on one person's financial gain.

  • David Johnston

    The novel Brave New World by Aldous Huxley was published as a warning. It tells the tale of London in the year 2540, in a dystopian future in which the government controlled every aspect of the citizens’ lives, down to not allowing any dissenting, or in other words free, thought. This was Huxley’s vision of what will happen to societies if the government was allowed enough leeway to impose their iron fist into the everyday lives down to thoughts, words, and free choice of the citizens. This novel was controversial, and still is, but what is worse still is that his and also George Orwell’s cautionary tales of restriction of governmental regulation are beginning to come true, even here in the land of the free, the USA. For instance, the California government has allowed zoning of Los Angeles to include where fast food restaurants cannot have a store open. Burger joints are becoming outlawed, and one of the next targets is the payday loan industry, which has already come under fire. Many politicians and candidates are pledging to rid their respective states, municipalities, and also the entire United States of this legitimate and valuable service industry. Many of these politicians are hoping to get elected so that they can serve their own self interest or the banking lobby’s interests. How far should they be allowed to go before we, the American people, say enough?

    Post Courtesy of Personal Money Store
    Professional Blogging Team
    Feed Back: 1-866-641-3406
    Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
    Blog: http://personalmoneystore.com/moneyblog/

  • David Johnston

    The novel Brave New World by Aldous Huxley was published as a warning. It tells the tale of London in the year 2540, in a dystopian future in which the government controlled every aspect of the citizens’ lives, down to not allowing any dissenting, or in other words free, thought. This was Huxley’s vision of what will happen to societies if the government was allowed enough leeway to impose their iron fist into the everyday lives down to thoughts, words, and free choice of the citizens. This novel was controversial, and still is, but what is worse still is that his and also George Orwell’s cautionary tales of restriction of governmental regulation are beginning to come true, even here in the land of the free, the USA. For instance, the California government has allowed zoning of Los Angeles to include where fast food restaurants cannot have a store open. Burger joints are becoming outlawed, and one of the next targets is the payday loan industry, which has already come under fire. Many politicians and candidates are pledging to rid their respective states, municipalities, and also the entire United States of this legitimate and valuable service industry. Many of these politicians are hoping to get elected so that they can serve their own self interest or the banking lobby’s interests. How far should they be allowed to go before we, the American people, say enough?

    Post Courtesy of Personal Money Store
    Professional Blogging Team
    Feed Back: 1-866-641-3406
    Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
    Blog: http://personalmoneystore.com/moneyblog/