$700 Bn - Contd.
I'm writing this in the back-drop of McCain returning to the campaign trail and the house rejecting the first version of the bailout bill.
There is a lot of grouse in the heart of America regarding the bailout. This would have been a Slam dunk if it had been a year earlier as this being an election year. With as many or more than a third of the population being against this, the Congressmen and Senators are very concerned about facing the electorate.
Even among those who support this, they would like to see some pay-back from the wallstreet folks. The regular Joe had seen the high-life of the banking folks during the boom and they would like to see the wallstreet go through pain like everyone else in America when they are in trouble. Its the principle that Adults are responsible for their deeds and a feeling that they are not alone and that everybody pays for their mistakes. Above all, they see that this whole thing is being schemed by Wall-street and being bailed out by people from Wall-street (Hank Paulsen and the Treasury is filled with people from the street).
I'm confident that eventually, they would come up with a bill and would pass. But the bill should have
1. A Fairness
2. Helping folks on the Main-street
3. A pay-back of somekind from Wall-street
4. Help the good performing banks and let some poor banks go down.
I understand and agree that the US Economy needs government assistance. However, who gets the help, how they get it is what I'm more concerned.
Identify the best institutions that is not affected by this mess and reward them to get more strong by funding them the most;
Identify the financial instruments that without which the economy would go down (not the investors) and support them (like Money market, retirement accounts etc)
Identify the first-time home buyers and the primary residence with a proper income-hom ratio and help them.
The bill should have provision to recover the economy and not the investors per se.
Let the free market take care of the rest. The better ones will survive and the best will thrive.
There is a lot of grouse in the heart of America regarding the bailout. This would have been a Slam dunk if it had been a year earlier as this being an election year. With as many or more than a third of the population being against this, the Congressmen and Senators are very concerned about facing the electorate.
Even among those who support this, they would like to see some pay-back from the wallstreet folks. The regular Joe had seen the high-life of the banking folks during the boom and they would like to see the wallstreet go through pain like everyone else in America when they are in trouble. Its the principle that Adults are responsible for their deeds and a feeling that they are not alone and that everybody pays for their mistakes. Above all, they see that this whole thing is being schemed by Wall-street and being bailed out by people from Wall-street (Hank Paulsen and the Treasury is filled with people from the street).
I'm confident that eventually, they would come up with a bill and would pass. But the bill should have
1. A Fairness
2. Helping folks on the Main-street
3. A pay-back of somekind from Wall-street
4. Help the good performing banks and let some poor banks go down.
I understand and agree that the US Economy needs government assistance. However, who gets the help, how they get it is what I'm more concerned.
Identify the best institutions that is not affected by this mess and reward them to get more strong by funding them the most;
Identify the financial instruments that without which the economy would go down (not the investors) and support them (like Money market, retirement accounts etc)
Identify the first-time home buyers and the primary residence with a proper income-hom ratio and help them.
The bill should have provision to recover the economy and not the investors per se.
Let the free market take care of the rest. The better ones will survive and the best will thrive.
posted by aaraar at 4:50 PM
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