OK, I promise this is NOT NOT NOT political, so feel safe to read all of my conservative and liberal friends alike!!!
I wanted to blog, though, about the bailout for a couple of reasons: 1)This is an historical time with historical significance, and I want my thoughts/feelings recorded for posterity 2) I have really tried to figure out what is going on, and still have no answers, so I truly want to hear what everybody thinks about this (even you Brits!) and your opinions. Honestly, there are no right or wrong answers- it is just a mess! But, I did hear of a poll that said that as of today 44% of Amerians thought the bailout was a bad idea- which is a lot. With that said, however, I bet 90% of Americans don't understand what is really happening (I am definitely included in that 90%!!!)
So, here is what I want to know from you:
1. Should there be a bailout?
2. Do you understand much about the bailout? Can you give us some insight?
3. What are some pros/cons of the bailout?
4. Are there any other solutions?
5. How will the bailout affect you personally?
6. Are you scared about the economic state of the US right now, or is it being blown out of proportion?
7. Any other thoughts you might have about the bailout.
Obviously, you don't need to answer all of the questions! Notice none of the questions involve giving the blame to anyone- there will be enough time for that later.
Like I said, I have tried to read and watch the news and understand what is going on. My thoughts so far (and this is definitely an evolving process, hence my wanting to hear other viewpoints): It seems that a bailout is necessary in some form. 700 billion seems like an awful lot. If there is a bailout, I definitley think there has to be some form of oversight, and CEO's who take part in the bailout should relinquish all rights to bonuses (if they are leading a failing business, why should they get a bonus?) . I certainly do NOT think we should give Bush complete power like he was asking for last week, and I do think whatever happens should be well thought out, not rushed into, so I am ok with the bailout taking time to work through the details, even the stock market continues to fall.
I think it is very scary, though, to put the taxpayers in such a horrible position. If the bailout doesn't work, we are all in trouble. I do think this is a scary situation- at ward conference on Sunday (church) all they talked about was the economy, which was interesting.
I am also worried because while this happened in large part because of bad loans, that doesn't take into account all of the credit card debt this country has. I don't know all of the numbers, but I know the average family has like $14,000 of credit debt that they can't pay. What about when all of those loans come do? Will there be another bailout to Visa and Mastercard? Maybe we should let the market works itself out. I thought analysts said that in a market economy there would be a recession every 15 years or something.
Anyway, I won't say too much now, but rather wait for some comments and begin a dialogue that way. Like I said, this is all just the beginning.