Ok, take this scenario… You look outside and you notice that there is smoke coming out of the house two doors down. What do you do? Most people would more that likely call 911 to have the fire department come check it out. That is the responsible thing to do, right? Yes. It is. Now, what do we NOT do in that instance? We don’t sit back and say, “Well, I didn’t cause that fire, why should I call on my tax dollars for the fire fighters to come put it out?! Its not my fault they can’t keep their house from burning.” Apply that scenario to Wall Street… The economy is on fire. And its not quite 5-alarm, yet… but its getting there. LET THEM PUT THE FIRE OUT!!!
To those that question the plan to rescue the financial system, I understand you… and on some level, I agree, but now is not the time to talk about prevention and blame. Make no mistake about it, we NEED to find out all we can about the causes, and we will, but right now, for this very moment, the inferno that was the Investment Banking Industry is spreading. It is spreading to every corner of our already weakened economy. I may be a tad-bit alarmist, I admit, but there is no other choice for our Government… and for us. Our government’s primary responsibility is to protect us. If they do nothing, then our way of life will change. Drastically.
Of course, we are nowhere near that point… but with each passing day of inaction, we grow exponentially closer. This problems are trickling down. Fast.
To the Congress: We don’t have the time to iron out all of the details. That is just the reality. Pass the bill with three major additions:
–Include the “people” and offer mortgage relief so they do not lose their houses (if we are going to bail out bad businesses, we should bail out our citizens)
–Require the bill to be transparent so we can trace every dollar spend by the Fed
–Mandate a full follow-up investigation in order to write more comprehensive regulation to prevent something like this from ever happening again.
I am not so naive as to think that this is as simple as I may make it sound, and I acknowledge that I do not have ALL of the facts, but I have enough, and I understand one thing, the longer it takes to get something done, the worse it will get, and I am not just talking about the businesses… It will get bad for you and for me.
Every day we talk and not act, watch the market. It will drop 3 digits.
-=brett=-
An economy on fire: LET THEM PUT IT OUT!!!
Posted by bretthperkins on September 23, 2008
Ok, take this scenario… You look outside and you notice that there is smoke coming out of the house two doors down. What do you do? Most people would more that likely call 911 to have the fire department come check it out. That is the responsible thing to do, right? Yes. It is. Now, what do we NOT do in that instance? We don’t sit back and say, “Well, I didn’t cause that fire, why should I call on my tax dollars for the fire fighters to come put it out?! Its not my fault they can’t keep their house from burning.” Apply that scenario to Wall Street… The economy is on fire. And its not quite 5-alarm, yet… but its getting there. LET THEM PUT THE FIRE OUT!!!
To those that question the plan to rescue the financial system, I understand you… and on some level, I agree, but now is not the time to talk about prevention and blame. Make no mistake about it, we NEED to find out all we can about the causes, and we will, but right now, for this very moment, the inferno that was the Investment Banking Industry is spreading. It is spreading to every corner of our already weakened economy. I may be a tad-bit alarmist, I admit, but there is no other choice for our Government… and for us. Our government’s primary responsibility is to protect us. If they do nothing, then our way of life will change. Drastically.
Of course, we are nowhere near that point… but with each passing day of inaction, we grow exponentially closer. This problems are trickling down. Fast.
To the Congress: We don’t have the time to iron out all of the details. That is just the reality. Pass the bill with three major additions:
–Include the “people” and offer mortgage relief so they do not lose their houses (if we are going to bail out bad businesses, we should bail out our citizens)
–Require the bill to be transparent so we can trace every dollar spend by the Fed
–Mandate a full follow-up investigation in order to write more comprehensive regulation to prevent something like this from ever happening happening again.
I am not so naive as to think that this is as simple as I may make it sound, and I acknowledge that I do not have the facts, but I understand one thing, the longer it takes to get something done, the worse it will get, and I am not just talking about the businesses… It will get bad for you and for me.
Every day we talk and not act, watch the market. It will drop 3 digits.
-=brett=-
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