Tuesday, September 30, 2008

Wow

Unbelievable

Can I just start this post by saying that anyone who thinks losing $1.2 trillion dollars in a day - just in the US - is better than lending $700 billion for a calm, orderly sale with some prospect of getting most of the money back is an idiot?

Yes, the proposed bail-out isn't perfect, yes, it doesn't address some of the problems that caused this mess in the first place, but it's a damn sight better than the alternative, as we're finding out.

My God. I've heard more than one person say that Wall Street needs to learn a "lesson" so this doesn't happen again.

To those people I say this: No lesson is worth $1.2 trillion dollars.

6 comments:

Bron said...

Be interested to know what you make of Michael Moore's "letter":

http://www.michaelmoore.com/words/message/index.php?id=236

Kartar said...

Can't say I agree. Agree with the bailout in principal - mostly.

But the current bailout had no strings attached - would you trust Henry Paulson and by extension the rest of the Bush clowns with that?

A bailout only works if it actually bails something out and doesn't act as a cushion for a handful of financial executives.

Keri said...

Kartar - have you read the proposed bill? It's certainly not solely in Paulson's hands. Nor will it benefit executives. I don't have the link on me, but I'll add a link to it in the post tomorrow morning.

Kartar said...
This comment has been removed by the author.
Kartar said...

Click too damn soon:

I read the proposed bill - especially Section 101(b) where it clearly gives the Sec. Treas absolute rights to hire/fire/enter contracts and buy and sell assets.

How exactly are checks and balances going to be applied to that?

Jen Hanson said...

I am with you on this. People forget you are bailing out your neighbors to keep their jobs, investments, and more ...
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