Quote:
Originally Posted by rune
literally maybe.
wonderful.
|
So, every business transaction involving money or credit was going to come to a complete halt? The money in my checking account was at risk of being frozen? Auto dealers were at risk of not being able to fund car loans on the spot? Las Vegas was going to close their doors and turn off the lights? China was going to stop shipping goods to the US in exchange for dollars? OPEC was going to stop shipping oil? I don't think so.
-----Added 22/9/2008 at 03 : 23 : 56-----
Quote:
Originally Posted by guyy
The bailout seems necessary,
|
The question we should get a clearer answer to is why? Companies should be allowed to fail.
Quote:
|
but the lack of oversight and the lack of a framework for dealing with the underlying problems is disturbing.
|
As more information comes available, we start to see problems other than the word of the day "regulation". In some cases the risks being taken actually had the blessing of the government and in some cases businesses were being forced to conduct business in ways that they would not have ordinarily. One example is our government mandating mortgage lenders lend and develop products to make home ownership more available to more people. Sub-prime in part was a product of government regulation.
Quote:
|
Since they've botched everything that has come their way so far, why should we trust this administration to do the right thing? The bailout looks more than a little like the non-plan for the Iraq war.
|
The seeds of this crisis may have been sown years prior to Bush taking office. Also, Congress has been controlled by the other party for about two years. Perhaps we had one too many hearings on things like steroids, fired attorney generals, or oil company executives explaining oil prices over and over again so politicians could look like they were being tough on big oil. They accomplished nothing from most of these hearings in relationship to what they could have done.