@Stupid 178307 wrote:
Is he nuts?!? Did he just not see Wachovia disappear overnight?!?
By the way, I hope Dominique is FOR the bailout plan. Dom, you just said “If you have money set aside, one good idea is to invest in real estate in a while.” That’s exactly what the Treasury was trying to do. If you see it as opportunity – you also should agree that taxpayers can make money out of this.
I thought I heard Citibank absorbed Wachovia? I could be wrong, I have only had the news running while working and just catch snippets…
Actually, I haven’t posted an opinion as to whether I am pro or con bailout because I am not so sure. What really bothers me is what I have been harping on for years now – the national debt. Let’s face it, the county is bankrupt already, the debt is way too high.
A bailout would have to come with additional sound fiscal policies, like instead of increasing the debt by billions every day, start paying it down.
It’s time to tighten the belts either way. Yes, recovery always entails huge opportunity for some. But the collapse of wallstreet is a drop in the bucket compared to the problems the country has, if we had no national debt we could do the bailout with smiles on our faces. It would hardly be an issue. The country’s economic system is fine, we just allowed politicians to squander money we don’t have for too many years.
I don’t know why people think the budget of a country is any different from their own. It’s the same. The US government got itself into the same mess as the people who bought houses they can’t afford with credit they can’t pay back.
A sound fiscal policy has no or little debt, and it has reserves to do such things as bailouts. Just like in your own budget, you want some money in the bank in case you lose your flow of income.
What we need is a sound fiscal policy along with a bailout. If we can’t manage that, we can’t have a bailout either. We’ll just be one step closer to complete collapse anyways.