Mis-managed Economics
It's frustrating to listen to the news these days and read nothing but turmoil in the financial world and as a consumer and small businessperson I feel frustrated and helpless too. Maybe going for the 700 billion was overboard, but it was not to be given all in one lump sump. I hope they will be able to put another proposal together, because we just can't live with further recession. I believe that a better job needs to be done to explain why the bailout needs to be passed. Yes, those Wall Street financiers have lived it up but measures need to be in place to assure American workers that it's quits to that kind of behavior.
American main street also needs to understand that it's necessary to pass this loan, without it it's almost as if you were cutting off our nose to spite our face. Understand, that without the credit being freed up, jobs are in jeopardy, companies have to liquidate their assets in order to make payroll and pay vendors and without buyers and their money trade is going to be restricted. It can create a breakdown of the financial infrastructure; it can have a snowball effect.
This is also not only a US issue, the English are experiencing a similar problem and are having to infuse their financial markets with loans, but the mainland continent of Europe is right behind them, only mainland Europeans have a bigger problem it's called the Euro. With no monetary borders, who pays the Germans if their financial market weakens or France. This is a new dilemma for the Europeans since the Euro, although they do have a centralized bank, do they have the ability to react quickly as we in the US can. The Centralized Bank does think that they are better off than the US, since their financial market has not been eroded by sub-prime lending, lest one forget the LIBOR.
Since this predicament of the eroding financial market, Europeans have pumped billions into their market and have taken over certain financial institutions, just not to the same tune of 700 billion, but then we the US have the largest recognized financial establishment and if we go recession so will everyone else.
Main Street America you have a choice, think before reacting angrily to your house representative, make a choice that safeguards your finanacial portfolio and that of your children.