We are in the middle of what has been called the greatest financial crisis in this country since the Great Depression. I am not sure what degree this is true. I'm not sure I want it proved either. But to solve it, Congress wants to spend 700 billion of our taxpayer dollars.
There has been a huge push for Congress to push the bill through, that will bail out financial institutions and make our economy whole again. Soon after this bailout takes place, we will once again be able to view our economy with a great deal of certainty. Or will we?
Whenever leaders of either party are calling to have swift legislation passed and enacted, that should be a red flag to watch out. $700 billion is a lot of money, even by congressional standards. To commit that much money to buying worthless securities, any hope of return sounds quite dangerous. Putting taxpayers on the hook for such a huge sum in this era of tight budgets cannot be taken lightly.
In a presidential debates, both candidates said they had warned that such a crisis was about to happen. Yet nothing happened to correct it. Were these warnings not taken seriously? Can the warnings be proved? In hindsight, we can all claim to know that something was about to go awry. The way credit was thrown around, one would think that it was limitless. Advertisers for months and said no credit, bad credit, bankruptcy, you are guaranteed approval for a loan. Now, if we look at the number of bankruptcies, foreclosures, and late or missed payments, it looks like people were saying that repayment of loans was optional. And to those of us who did not overspend, who paid on time, and knew the risks of living beyond your means, are now being expected to pitch in for those who did not. Are we supposed to think of this as fair?
There seems to be absolutely no common sense when it comes to how to spend your money. If people are not walked through every transaction, have their hand held to verify where every dime goes, people claim ignorance and view themselves as the victim when things go wrong. And the responsible payers end up bailing out the citizens who are in your responsible. Society feels an obligation to give money to the poor and sick. We have extended this level of pity to providing general assistance to professional sports teams to help them build stadiums. Let's not forget Milwaukee County and the amount committed to pensions for former employees. And forking over money to schools is a whole another subject. Higher taxes and socialism are ostensibly in our future. Politically, we are looking for change. Yes, changes coming. But is this the kind of change that will make us a better nation?