CHESSNOID

The government is requesting $700 billion dollars of TAX money to save companies who have made poor decisions by buying bad mortgages.  Why? Why? Why?  Why spend that much money on companies who have run themselves into the ground.  Let them fail.  We live in a free capitalistic economy and it should be allowed to play out.

We are in the current mess we are in because BUSH, BERNANKE, and PAULSON screwed up the economy by messing around with the interest rates, printing money, and spending our country into the biggest deficit ever.  They still don’t believe we are in a recession. Less than a year ago, they didn’t even think there was a problem with the housing industry.  Why are these 3 stooges still in office. In any other company, they all would have been fired.  NOW, they are trying to embezzle taxpayers’ dollars to just buy junk. The companies who bought these poor investments deserve to go bankrupt.

This is moral hazard at the highest level being committed by these 3 stooges BUSH, BERNANKE, and PAULSON.

This bailout won’t help our economy.  It will actually make this recession even worse.  It doesn’t deal with the true problems of our economy.  Buying CRAPPY worthless defaulted mortgages with TAX money is not the solution.

I agree with these people from CNN.Money:

“Companies, like individuals, should be held responsible for their decisions,” wrote Jorge from El Paso, Texas. “This buyout does not address the other problems in the pipeline such as personal credit default and market slowdowns in most industries. No new jobs will be created.”

Paul from Portsmouth, N.H., said banks are getting the soft treatment when taxpayers are suffering.

“It is time for the financial institutions of this country to be called to the mat. We should be expecting and demanding responsible and ethical business practice, not rewarding it at the expense of taxpayers.”

And John from Springfield, Va., said the government action actually hurts the people it is intended to help.

“The government does not have $700 billion dollars. WE have $700 billion, and it is being taken from us. If this is passed then the next administration and the next will be extracting this one from the people who are supposedly being protected by this bailout.”

Where’s my bailout?

Other readers wanted to know why the government didn’t spend the $700 billion investment on the majority of responsible Americans who are suffering because of the bad bets of the few.

“Why not take the billions and … make funds available to home owners stuck in the loans these idiots created, marketed and sold,” asked Don from Coarsegold, Calif. “It will put the money where it should be with the little guy who made a mistake, instead of the big guy who created the problem.”

Jordan from Charlestown, Ind., asked why different rules applied to big banks and ordinary investors.

“Once I invested in something and lost money. Maybe I could just change the rules of investing so that my loss turns into a gain? Oh, I forgot only banks can do that!”