Some sanity from the halls of Congress, from California Republican Congressman Darrell Issa…
As disturbing as the volatility and turmoil on Wall Street are, the prospect of transferring trillions of dollars of risk and losses to taxpayers is appalling. How can any American look their neighbor in the eye and suggest that they should bear the losses for the mistakes and greed of America’s wealthiest financial firms. I am emphatically against it.
Accountability is a pillar of our free market economic system. The market rewards good business decisions and punishes bad ones. The course of action supported by the Administration and the Congressional leadership undermines this fundamental principle by bailing out those on Wall Street who made risky and foolhardy decisions by transferring their losses to taxpayers. Losses on Wall Street should be first and foremost the responsibility of the investors and creditors who engaged in these business transactions.
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September 23rd, 2008 at 12:00 am
Nice of you to trot out the usual suspects….
This mortgage mess needs FBI investigation on a mass scale to put every loan officer, appraiser, real estate agent, title company rep., escrow officer in jail for ripping off the ignorant citizens and illegals and ruining the futures of our kids….by the way the lying and fraud continues even as we sink into the abyss….they are still at it!!!
Stop wallpapering this nightmare over with platitudes and the usual archaic regulatory agencies….we need some strong punitive jail time for thousands of white collar crooks NOW!
September 23rd, 2008 at 12:00 am
Major props to Darrell Issa for coming out against this bailout and standing with ordinary taxpayers. It would have been really easy for him to go along with this giveaway since a lot of his district out in the Inland empire has been hit especially hard by the popping of the housing bubble. Thank you and well done Congressman.
September 23rd, 2008 at 12:00 am
Bernanke says if we don’t do the bailout we are likely to go into recession.
Aside from the fact that we are already in one, there’s another flaw with Bernanke’s logic.
If we DO pass the bailout we will go into a depression.
It might prop up the economy for another couple months to a couple of years. Once the crash finally comes, it will be all the more severe if this additional albatross is around our bankrupt nation’s neck.
September 24th, 2008 at 12:00 am
Good gut level common sense, Darrell. Conservatives could never support this idiocy.
September 24th, 2008 at 12:00 am
Every day I see more and more reasons for this bailout of Wall Street. No true accountability for the 700 Billion and sticking us with the Bill. If the economy is going to tank, the sooner the better.
drgary
September 24th, 2008 at 12:00 am
I meant NOT for the bailout. typo.