Fiscal Package
So obviously if you're not brain dead you should know that the economy is in a recession and threatening to go into a depression if things are going the way it is. A 700B Fiscal Package is under review to give out LOANS to companies in need of capital to sustain their company. This plan is under great scrutiny for reasons that are beyond me. I WILL ADMIT the following points:
1. Financial Companies were irresponsible in lending. They are primarily to blame for this mess.
2. Financial Company CEOs and board members should be charged with punitive damages and like the govt plan is...should not make more than the top Federal employee.
What I do NOT understand is why people are so opposed to this fiscal package. Here are some arguments I've heard.
1. Why are MY DOLLARS being used to bail out financial companies who were so irresponsible with loans?
My Response: Well let's see here. The economy is in ruins. If banks don't lend money to companies then everything about the economy stops. Like...want to cure cancer? OH WAIT, you can't cause there's no FUNDING. Want to start a new company? OH WAIT, you can't cause the banks are loaning to you cause they have no money. Financial companies are massive these days and they affect all parts of the economy. If the financial sector goes down they will be taking EVERYONE with it.
My Response 2: Not only were financial companies irresponsible, but people who took out loans on the assumption that their property would appreciate in value are to blame too. You basically took out a loan without being able to pay it off. You were ASSUMING that you would have enough because your property value would rise. Tsk tsk, you lost and now you expect the government to bail you out and yet you oppose the financial policy to lend to the financial sector? Hypocrite.
2. Paulson is just going to make his friends rich.
My Response: Yes, trying to make the US a better place economically is horrible. ABSOLOUTELY UNTHINKABLE. He wants to make the US not bleed money and end up back in the 1930's.
More to come...i need to eat.
1. Financial Companies were irresponsible in lending. They are primarily to blame for this mess.
2. Financial Company CEOs and board members should be charged with punitive damages and like the govt plan is...should not make more than the top Federal employee.
What I do NOT understand is why people are so opposed to this fiscal package. Here are some arguments I've heard.
1. Why are MY DOLLARS being used to bail out financial companies who were so irresponsible with loans?
My Response: Well let's see here. The economy is in ruins. If banks don't lend money to companies then everything about the economy stops. Like...want to cure cancer? OH WAIT, you can't cause there's no FUNDING. Want to start a new company? OH WAIT, you can't cause the banks are loaning to you cause they have no money. Financial companies are massive these days and they affect all parts of the economy. If the financial sector goes down they will be taking EVERYONE with it.
My Response 2: Not only were financial companies irresponsible, but people who took out loans on the assumption that their property would appreciate in value are to blame too. You basically took out a loan without being able to pay it off. You were ASSUMING that you would have enough because your property value would rise. Tsk tsk, you lost and now you expect the government to bail you out and yet you oppose the financial policy to lend to the financial sector? Hypocrite.
2. Paulson is just going to make his friends rich.
My Response: Yes, trying to make the US a better place economically is horrible. ABSOLOUTELY UNTHINKABLE. He wants to make the US not bleed money and end up back in the 1930's.
More to come...i need to eat.
posted by Jeff Chen at 12:19 PM
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