I am truly amazed by how many people are against this “bailout” for reasons far beyond the current situation.
First – If you walk in your house today and found a steaming pile of :bullshit: in the middle of your living room, will you a). Clean it up first and then search for the one who did it; or b). leave it in the middle of the floor and go look for the one who did it?
If McCain or Obama are serious about this issue – they can show us by holding people responsible later on, when one of them becomes the President. But for now, let’s clean the :bullshit: in the middle of the room, yes?
Second – is it a bailout? Yes. But the problem must be solved, because thanks to the millions of irresposible borrowers, the banks have turned into real estate agents – they have plenty of homes, but no money. It should be exactly the other way around. At this point WHY it happened is completely irrelevant. Bottom line – it must be fixed!
What people fail to understand is that for every 1 bank collapsing, there will be 1,000+ businesses collapsing, as well, since they won’t be able to pay their bills. Not only because they won’t be able get credit, but their debit accounts will vanish, as well. Every business account carries the same protection as the personal account – up to $100,000. Most local medium businesses have accounts with 1-2 million and more per bank, millions of jobs are at risk. Then not only you won’t be able to pay your mortgage, but you won’t be able to buy food for your kids. And this is just one of the many effects on the Mainstreet this collapse will have.
This is one of the few instances where I would welcome the fact that politicians don’t care what Avergae Joe thinks, because it’s obvious that Average Joe has no idea what he is talking about.