Wall Street Bailout
Politics Before Country
Unbelievable!
For ten days now, President Bush and Treasury Secretary Henry Paulson have been telling Americans that our financial system is in crisis. Fed Chairman Ben Bernanke also stated that quick action was needed to stabilize our financial system. I don’t know what else anyone could say to convey the seriousness of the situation. But then politics were put before the country.
When I was a student at the University of Georgia many years ago, a law professor by the name of Larry Blount said something to a group of students that has never left me and became painfully evident today. He said that “the number one objective of most politicians is to get re-elected.” Despite the fact that time was of the essence, Republicans and Democrats voted down a bill that is absolutely necessary to stabilizing the credit markets.
I know that many of these politicians are facing re-election. I am also aware that most of their constituents are against this rescue/bailout plan. But they should have had the intestinal fortitude to do the right thing anyway. As I stated before, the rock has already been thrown into the pond. We are now experiencing the ripple effect. For every day that goes by without this package being passed, another 5,000 people may lose their jobs 12 months from now. American business operates and functions on credit. Everyday, businesses are finding it difficult if not impossible to get credit. When they get credit, they are having to borrow at much higher interest rates. The additional interest expense along with lack of available credit puts jobs and job growth at risk.
This bailout package is not a giveaway. It will be backed by real assets. Are these assets worth what they were originally appraised for? No. Are they worth nothing at all? Of course not. Taxpayers will lose very little, if anything at all. In fact, the government will probably get all of the $700 billion back, plus some additional return. Americans should support this plan and encourage Barack Obama, John McCain, George Bush, and congress to do the same.
For ten days now, President Bush and Treasury Secretary Henry Paulson have been telling Americans that our financial system is in crisis. Fed Chairman Ben Bernanke also stated that quick action was needed to stabilize our financial system. I don’t know what else anyone could say to convey the seriousness of the situation. But then politics were put before the country.
When I was a student at the University of Georgia many years ago, a law professor by the name of Larry Blount said something to a group of students that has never left me and became painfully evident today. He said that “the number one objective of most politicians is to get re-elected.” Despite the fact that time was of the essence, Republicans and Democrats voted down a bill that is absolutely necessary to stabilizing the credit markets.
I know that many of these politicians are facing re-election. I am also aware that most of their constituents are against this rescue/bailout plan. But they should have had the intestinal fortitude to do the right thing anyway. As I stated before, the rock has already been thrown into the pond. We are now experiencing the ripple effect. For every day that goes by without this package being passed, another 5,000 people may lose their jobs 12 months from now. American business operates and functions on credit. Everyday, businesses are finding it difficult if not impossible to get credit. When they get credit, they are having to borrow at much higher interest rates. The additional interest expense along with lack of available credit puts jobs and job growth at risk.
This bailout package is not a giveaway. It will be backed by real assets. Are these assets worth what they were originally appraised for? No. Are they worth nothing at all? Of course not. Taxpayers will lose very little, if anything at all. In fact, the government will probably get all of the $700 billion back, plus some additional return. Americans should support this plan and encourage Barack Obama, John McCain, George Bush, and congress to do the same.
Hank Paulson And The Financial Crisis
Treasury Secretary Henry Paulson speaks on the
current Wall Street financial crisis on 60 Minutes.
Watch this video to learn a little more about what
our country is facing: Read
More...
Financial System Meltdown: What's Next
Recent events in our financial markets have led to an
unprecedented level of turmoil. As our government
contemplates spending $700 billion on a bailout for
Wall Street, there is a lot of confusion as to
whether the plan should be approved or what happens
if it doesn’t go through.
In order to facilitate the discussion on the current situation, I have put together a presentation entitled Financial System Meltdown: How We Got Here and What You Should Do Next. This presentation will be offered on the following dates:
Tuesday, September 30th at 12 Noon
Tuesday, September 30th at 6pm
Wednesday, October 1st at 12 Noon
Thursday, October 2nd at 12 Noon
Thursday, October 2nd at 6pm
Tuesday, October 7th at 12 Noon
Tuesday, October 7th at 6pm
The presentations will be held in the conference room at my office. Space is limited so please call us at 336-757-1222 or send us an e-mail to reserve your seat. Additional dates may be added if needed.
Please feel free to bring your family members, neighbors, friends, or co-workers. Our financial system has been forever changed. While there will be long-term concerns, there will also be opportunities. I look forward to sharing my insights with you.
In order to facilitate the discussion on the current situation, I have put together a presentation entitled Financial System Meltdown: How We Got Here and What You Should Do Next. This presentation will be offered on the following dates:
Tuesday, September 30th at 12 Noon
Tuesday, September 30th at 6pm
Wednesday, October 1st at 12 Noon
Thursday, October 2nd at 12 Noon
Thursday, October 2nd at 6pm
Tuesday, October 7th at 12 Noon
Tuesday, October 7th at 6pm
The presentations will be held in the conference room at my office. Space is limited so please call us at 336-757-1222 or send us an e-mail to reserve your seat. Additional dates may be added if needed.
Please feel free to bring your family members, neighbors, friends, or co-workers. Our financial system has been forever changed. While there will be long-term concerns, there will also be opportunities. I look forward to sharing my insights with you.