There are some good ideas in the Republican House plan, but of course they’ll never get the Dems to go along with most of this. They might get some concessions, but the eventual plan is going to be a disaster.
In addition to costing whatever it ends up costing, the eventual bailout (excuse me, “rescue plan”) will leave us with a multitude of new regulations along with new bureaucracies to enforce this regulation (er.. “oversite”), and will add even more moral hazard and otherwise perpetuate the banking cartel that brought us this mess.
Sometimes, the smartest thing to do, is nothing. This is one of those times.
Well, if we had had more warning (we actually did, but some people [democrats] didn't want to hear it), where regulatory oversight could of been brought to bear, perhaps this "crisis" could have been avoided, or at least lessened.
But this 11th hour - oh look crisis - situation does require something. If money flow ceases, then dominoes are going to fall all over the place, and people playing by the rules and keeping their noses (and books) clean are gonna be swept up in the meltdown, and the country will be screwed.
So at this particular time, doing absolutely nothing, is insane.
And no, I don't like it either. I would rather see market correction on it's own, but with the hour being 11 and meltdown is at 12, there's just not enough time for those forces to work.
Now as they say: The devil is in the details.
“Sometimes, the smartest thing to do, is nothing. This is one of those times.”
Holy Cow, are you serious? Just because you do not understand this or know what to do does not mean we do not have a serious problem that needs to be fixed.