Financial Shakeup this weekend

[nplenzick]

emayer wrote:

Please consider my comments carefully, none of what I propose is that extreme. I don't think we need a Depression to get our country back on track either. I suggested only that we allow the forces of capitalism (on which this country is founded) a chance to play out the mortgage fiasco on its own. No more government handouts or additional tax burdens on all of us to mitigate against those who made poor financial choices in purchasing those McMansions you criticize and the banks that funded them. What is the issue with that? How are we as a nation going to alter our consumptive ways if the hard lessons aren't dealt?

Your quote "Allow free market forces to play this out. A harsh and and costly lesson on the scale of the Great Depression".

The problem is if we didn't bail out Bear Sterns no one could predict what would happen. Many banks could have failed leading to a domino effect which could have effected the average Joe who has been living well with in his means. The Fed did the right thing. I'm I glad they had to do it? Hell No! Nobody's going to bail my ass out, and believe me my ass is on the line right now with this business.

I suspect that we'll see some new legislation on the books and guidelines in the next year or so. Most of the experts agree, if we dodged the bullet they wouldn't want to go through this again.

You can teach a child two ways to not touch a hot stove, you can put his hand on it until their skin sizzles or you can educate them about what could happen. Both ways will work. But which one makes the most sense?

The "free market" with the current administration is an illusion my friend. Controlled by very large special interest groups.

You are correct we will have some sacrifices to make and if GW would have begun that process the days and weeks after 911 we would have big head start by now!