The Smallest Minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities. - Ayn Rand
Good quote until the last part about the government. The people of this country are just as much to blame as the greed on Wall Street and the lack of oversight.
In fact, they may be even more to blame for such a colossal example of group stupidity. But then again, that is the third head of the three headed monster...laziness...people aren't motivated to do anything in this country anymore, for a variety of reasons, and would rather get a bunch of crap for "free."
I take the passing of this bill to mean that capitalism and the free market economy are DEAD. Not hurt, not crippled. STONE DEAD, NEVER TO RETURN.
Why? Because the finance industry has just been told in no uncertain terms that your dishonesty, incompetence, or even criminal activity, will have NO CONSEQUENCES TO YOU *if* you can manage to be SO dishonest, incompetent, or criminal that it rises to the level of a national or global crisis. Given that, does anyone honestly think no one will do this kind of thing again? And yet again?
That being the case, I can't help wondering what's supposedly wrong with the last line. That's the purpose of the bill, is it not? For the government to prevent actions having consequences?
Correct me if I am wrong, but wasn't the whole mess in the financial sector caused by the government requiring lenders to lower the bar to qualify for a loan without correspondingly raising the security/collateral required?
I'm hearing a lot about fixing the *results* of that decision, but not a word about re-thinking that decision itself. Is it possible the public is against the "rescue package" because Congress is apparently trying to fix the symptoms while completely ignoring the root problem?
And if the root problem is not addressed, what then? Use this bailout to reinflate what was a false bubble in the first place, and plan on conning the taxpayer out of another trillion or so every few years to keep it inflated?
I think perhaps I can understand why the average taxpayer doesn't like that idea.