Bail Out Bill?

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.

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