The biggest item in our budget is not social security or medicare, defense spending or investment into alternative energy sources, but interest on the national debt. This amounts to what should be an imperative and priority for our country to achieve fiscal solvency immediately.
A $700,000,000,000.00 bailout by the government is the equivalent of an individual who is in bankruptcy after having maxed out all credit cards taking on a million dollar mortgage. The government cannot afford it. It may not even help as it only throws money to bandage the wounds of the economy, it does not heal it.
The United States Goverment is not the only revenue source for Wall Street. The entire international community will invest in our market, and with increased diversification of our major banks will come increased market stability.
We don’t need to buy the right to install ethics oversight. We already have that authority. We should just do it. In any event, we should not feel the need to buy it for nearly a trillion dollars.
If we bailout the banks now, where do we stop? Do we bail out the auto companies? The bond market? Every market whenever it hits a rough spot? All that encourages is irresponsible investing by managers and stockholders into high risk, high reward gambits where they reap the rewards but leave the risk to the taxpayers.
This is the largest expense in history. If we spend this money, that is less money for a thousand other worthy programs not only now, but in the years to come. Both parties should really be opposing this bailout.