Saturday, November 15, 2008

Bailing out the rich

Let me undersatnd this in plain simple language. We need to bailout Wall Street, Buy Bank stock, so money will flow again. They the Banks and Wall Street made up a product and sold it around the world and now the product is almost worthless. Then they made up a product called Credit Defaults that insured the product that was worthless and those people made Billions. Let's try that again with small town America. A small factory worker who gives his blood and sweat for over 40 years which is "his product" Then the owner of the Factory (Wall Street) introduces (or makes up) a new product which is worthless and now he needs money because he made a bad decision and if He doesn't get the bailout the factory will close and the worker will lose his job even tho he did nothing wrong. So let's give them more money and trust them this time. Do I have it right Jim G?

2 comments:

Jim G. said...

Hey don't blame me!

First, the government was to untangle the credit markets. That was the reason for the "bailout", what they are doing now is not "as prescribed". However, what they are doing has no precedence and is basically-by the seat of their pants.

Therefore, now Terry this is complex, think cutting a 2 iron, untangling the credit markets does not equate to saving unsuccessful industries, so as I said before, let em fail.

Baxter said...

If you liked the Lehman Bros failure, you will love GM's fall.