If you listened to President Bush's address to the nation tonight, you may disagree with the action being proposed by the administration and financial leaders. The $700 billion proposed as a bailout may not all be needed. Congress, who helped create this mess, will pose, and blame the administration. As already stated by others, there is plenty of blame to go around including the gullible home buyers as I've mentioned in a previous blog.
The time for blame is not immediate. Protecting the interests of pension funds and retirement income providing investments of common people is of major concern. Failing to do so could cause a domino effect and bankrupt the country and cause record foreclosures and total lack of confidence in our financial systems worldwide.
While governments role is to do no harm, it would do more harm to let this country fall into a major depression.
The $700 billion is not a gift. If Congress goes along with the loan they must recoup their investment when the properties they will buy at say 10 cents on the dollar, recover along with the economy and make a return of say 300% back into public coffers.
Now is not the time for Democrat leadership to strike photo poses of indignation. After all, the Democrats have been in power for 20 months and Democrat Charles Rangel is head of the Congressional Banking Committee.
Nor the Republicans or the Administration or the candidates.
As to those in the private sector that are morally bankrupt they might be wise to stay in their gated communities or double their bodyguards as there is a lot of hatred directed at the greedy, dishonest, morally corrupt wealthy elite who laughed at we suckers all the "way to the bank".
Who are these people? Read the financial newspapers so we don't paint all wealthy elite with the "same brush". The "chatterers" you will read in "Letters to the Editor" are mostly written by people who know less than half of the story. Expect these "chatterers" to be heavily published by the most liberal media in the next few days blaming George Bush and the Republicans.