For all the financial geniuses posting here who think this plan is horrible, I’d like to hear their alternative plan. What? Don’t do anything, let these banks go bankrupt and watch the U.S. financial system collapse? What would the cost be then?
Yes, going back in time and disallowing bad mortgages would be great, but there is no time machine. Stopping government from forcing lenders to loan to those who can’t afford it in the future might help. But there is nothing we can do about the situation we are in now.
If you think this is bad now, just wait until Obama is President, we won’t have to wait for a banking crisis. Obama will raise your taxes and redistribute your earnings to those who are too lazy to work.
This bailout is the best option available. But again, if you (generally speaking, not the original poster) have a better plan, let’s hear it.
With laws requiring competive bidding suspended? With all judicial oversight blocked? With no GAO review?
It's Tony Soprano time.
Well this is how I feel: the taxpayer is footing the bill, so the taxpayer should know what is going on with their money.
Section 8 of this proposal is scary..... especially considering the fact that no one in the government is telling us exactly what is going on and what they want to do with our money!
This bailout may be good, but right now we don't even know what this bailout is going to do.... and we won't find out until after it becomes law!
We're being asked to have total faith in the government, and I just don't feel comfortable with that.