Let Wall Street fix Wall Street

It is morally wrong for the government to help the rich bankers on Wall Street so that they can make their yacht payments and keep their high income jobs, while they provide no help at all for those who are foreclosing on their homes. It is socialism for the rich. We have one political party that is offering socialism for the poor and another political party that is for socialism for the rich. Why not no socialism for anyone? America was set up as an experiment in liberty and freedom. Let’s keep it that way.

I am tired of Bush giving increasingly bigger handouts to those who don’t deserve them and to those who don’t need them.  Banks gave people mortgages to people who were not credit worthy with low down payments and teaser interest rates. They then sold them to Wall Street who bought them with leveraged money. All of this was wrong and based on greed and selfishness. It worked as long as real estate continued to go up in value and people could pay their low monthly payments until their monthly payments ballooned.

Part of the fault is the US governments. Clinton, in his zeal to make sure that the poor could buy a home, relaxed mortgage requirements.  The banks then figured out a way to make it worth their while to provide mortgages to people who were not qualified to recieve them by selling their mortgages as morgage backed securities.

If the government doesn’t act like a sugar daddy to Wall Street, the economy will not fall. The capitalists will do the right thing, act in their own self interest, and make sure that it doesn’t. If the government does act like a sugar daddy, the American Dollar will eventually become worthless, and our economy will eventually fall and the dollar will stop being the currency that the price of oil and almost everything else is measured in. But what really at stake is the idea of a government set up on the principle of LIBERTY and FREE ENTERPRISE where government is not our BIG BROTHER.

I do not want to vote for the First Secretary of the USSRA in November!



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5 responses to “Let Wall Street fix Wall Street

  1. Matt

    I agree with you in this situation. However, I think most economists agree that a complete lack of government involvement in the economy would not create a healthy economy. I see the main American ideal being opportunity for upward mobility, not free enterprise. Free enterprise can create upward mobility to a point, but even Adam Smith acknowledged that self-interest does not always maximize social welfare and that the government must oversee and control the greed and lust for money that drive corporations.

    In this instance I do agree that we should not be bailing out the richest, but if the economy may fail it doesn’t do us any good to boast about our “sticking to our free enterprise guns” with a failed economy. I think it is vital that non-financial businesses and individuals have access to credit. If the market is unable to provide that credit, I believe the government would be opperating within our best interests if it set up an organization to provide that type of credit.

  2. I was surprised by what happened yesterday with congress vetoing the 700 billion dollar bailout package and the stock market going down 777 points.

    In my mind, I care more about the upward mobility of the poor than the upward mobility of the rich. The real economic tragedy is not happening in the stock market. It is the people who are losing their homes (to these rich bankers by the way). I would be more impressed if the United States congress would vote to send money to make sure that children have enough food to eat, a good education, and decent health care.

    I have access to credit! Every day in the mail, I get offers for more loans and credit cards! So do my kids! They are usually even 0% interest teaser rate! I would not mind seeing these dry up a little bit.

  3. Why is everybody mad at the congressmen who voted “no” to the bail out rather than at the Wall Street decision makers whose greed got the economy into this mess?

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