Bailout Bill “Only MOSTLY Dead”
—WCN Warning: Economic/Terrorist event possible—
Despite the massive outcry from constituents that demanded their elected officials vote against yesterday’s $700B Wall Street bailout, observers and some marching-in-lockstep lawmakers are saying, to quote Billy Crystal’s character from The Princess Bride, “Miracle Max,” the bill is only “mostly dead.” In other words, there may still be a way for Congress to circumvent the wishes of the American People and pass a bill that gives Wall Street liars and gamblers a “do-over,” paying for their gambling bill and making them whole.
If only I would have had access to that kind of bailout the last time I went to Vegas.
Washington, DC needs to hear this: The American People don’t want to send the message that it’s OK to bail out thieves and gamblers.
Sure, there will be hardship. That’s a consequence of cutting corners and looking to “get something for nothing.” What many on Wall Street are seeking to avoid is not only the harsh reality of paying the bill on a bad investment, but also jail time. And there WILL be jail time. The hardship must come, if we truly want to cleanse our economy of this problem. What those responsible for the fiasco caused by OTC derivatives and toxic debt repackaging really fear is the outrage the hardship will create. Outrage that will inspire investigations, trials and prison time.
It will be tough, but it’s necessary.
Posted in EconomyTags: Bailout, Depression, Economy, Recession