If private industry companies make bad decisions that lead to their failure, neither you or I should be on the hook for it.
I'm pretty sure I agree with you, there. And it seems like both ends of the spectrum are at fault, going way back, especially the greedy corporate CEOs. AND the government. It seems fashionable to blame one or the other, but it's really both (and yeah, more complicated).
I don't own stocks (except whatever's invested from an IRA--see how ignorant I am?), and I'm pretty happy about that right now. I'm also happy I have a job that's not going to disappear any time soon.
I'm all for serious transparency in whatever is decided on. Because allowing a government takeover with no accountability? That's not socialism, that's suicide.
Absolutely it's government - both parties, several different policies - and greedy execs at fault. ALSO, a passel of private citizens bear a significant burden of responsibility for taking out loans and mortgages they knew (or should have known) they could not afford once the sub-prime period expired. Bottom line: irresponsibility and greed have come home to roost. As was absolutely inevitable.
I was utterly freaking out after I read the text of the very first Paulson plan. It gave one man control of $700 billion dollars. And that man's actions and decisions were not reviewable by Congress or the courts. Say it with me, kids: unconstitutional.
In truth, I actually think any kind of government bailout of private industry is unconstitutional.
I'm trying not to freak out. In the past 16 months, my husband's 401k stocks/mutual funds have lost 38% of their value, and mine have lost 21%. And that's before today's tanking. I keep telling myself that we still have the same number of shares, they're just not worth what they were - but they'll go back up. Someday. In fact, I'm trying to see this as a buying opportunity. I actually increased my hubby's 401k contribution %.
Absolutely it's government - both parties, several different policies - and greedy execs at fault. ALSO, a passel of private citizens bear a significant burden of responsibility for taking out loans and mortgages they knew (or should have known) they could not afford once the sub-prime period expired. Bottom line: irresponsibility and greed have come home to roost. As was absolutely inevitable.
Yes, yes, and damn, yes.
I was utterly freaking out after I read the text of the very first Paulson plan. It gave one man control of $700 billion dollars. And that man's actions and decisions were not reviewable by Congress or the courts. Say it with me, kids: unconstitutional.
The scariest part of all is that the Constitution is being IGNORED. *clutches tattered shreds of Bill of Rights* I mean, the Constitution is...whatever the secular word for 'sacred' is.
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(no subject)
Date: 2008-09-29 09:58 pm (UTC)I'm pretty sure I agree with you, there. And it seems like both ends of the spectrum are at fault, going way back, especially the greedy corporate CEOs. AND the government. It seems fashionable to blame one or the other, but it's really both (and yeah, more complicated).
I don't own stocks (except whatever's invested from an IRA--see how ignorant I am?), and I'm pretty happy about that right now. I'm also happy I have a job that's not going to disappear any time soon.
I'm all for serious transparency in whatever is decided on. Because allowing a government takeover with no accountability? That's not socialism, that's suicide.
(no subject)
Date: 2008-09-29 10:15 pm (UTC)I was utterly freaking out after I read the text of the very first Paulson plan. It gave one man control of $700 billion dollars. And that man's actions and decisions were not reviewable by Congress or the courts. Say it with me, kids: unconstitutional.
In truth, I actually think any kind of government bailout of private industry is unconstitutional.
I'm trying not to freak out. In the past 16 months, my husband's 401k stocks/mutual funds have lost 38% of their value, and mine have lost 21%. And that's before today's tanking. I keep telling myself that we still have the same number of shares, they're just not worth what they were - but they'll go back up. Someday. In fact, I'm trying to see this as a buying opportunity. I actually increased my hubby's 401k contribution %.
(no subject)
Date: 2008-09-29 10:31 pm (UTC)Yes, yes, and damn, yes.
I was utterly freaking out after I read the text of the very first Paulson plan. It gave one man control of $700 billion dollars. And that man's actions and decisions were not reviewable by Congress or the courts. Say it with me, kids: unconstitutional.
The scariest part of all is that the Constitution is being IGNORED. *clutches tattered shreds of Bill of Rights* I mean, the Constitution is...whatever the secular word for 'sacred' is.