I am certainly not an economist, but I (probably like you) am very concerned about the so-called “Wall Street Meltdown”. Like most Americans, I have retirement money and savings tied up in the market.
Thank goodness I don’t need retirement money right now. I have faith the market will recover. However, what concerns me a great deal is what could happen to the economy within weeks if Congress does not act.
I hate the idea of bailing out a bunch of Wall Street “sharpies” who made hay on this mess. I hope Congress can come up with legislation that punishes the people who knowingly created the problems. But after talking with a number of politicals, both Republican and Democrat, I don’t think we have any choice but to act quickly.
I know politicans are getting a lot of pressure not to bail out Wall Street. All members of the House are up for re-election and there is going to be a huge temptation to vote “no” on any bill that appears to bail out the Street.
But here is the problem. At this point, what is done is done. And I think there is a real possibility of a quick downhill slide if Congress doesn’t act. Banks have already tightened credit to the point that some businesses are in trouble. The major problem is a lack of trust now – banks are scared to loan money. And if businesses can’t borrow money, they can’t pay their bills; they can’t even pay their employees.
The domino effect could be very swift. I will be watching the next couple of days, and hope Congress puts politics and personal interests aside, and takes some kind of responsible action.
0 Responses to “Bail Out Bill?”