From NYTimes.com: Stocks Fall as Rescue Plan Is Negotiated
“When there’s a fire in your kitchen threatening to burn down your home, you don’t want someone stopping the firefighters on the way and demanding they hand out smoke detectors first or lecturing you about the hazards of keeping paint in the basement,” Senator Mitch McConnell of Kentucky, the Republican leader, said in a speech on the Senate floor. “You want them to put out the fire before it burns down your home and everything you’ve saved for your whole life.”
Mr. McConnell added: “The same is true of our current economic situation. We know that there is a serious threat to our economy, and we know that we must take action to try and head off a serious blow to Main Street.”
This fire has been burning for over a year. Until last week, the Bush Administration has been saying that the economy is fine. Now, they say we’re facing a serious threat to the economy and that we don’t have time to work out and discuss a real bailout plan. We have to pass a “clean” bill with only what the administration wants and we need to do it immediately.
700 billion dollars is not an amount that you give a blank check for. We’re supposed to blindly trust Treasury Secretary Paulson, a former CEO of Goldman Sachs to bailout companies and not just give handouts to all comers. We need financial “experts” to get us out of this mess, they are also the ones that helped create it.
Strict supervision is necessary and it’s Congress’s job to do its due diligence on this no matter if the markets drop. The markets will bounce back once a bill is passed, but its important to make sure that the taxpayers aren’t just stuck with a bunch of losses so banks can profit.
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