At 10/2/08 07:16 AM, Paranoia wrote:
I thought only cab drivers could talk with so much conviction about something they know nothing about :/
This is how it is, aight? The rich assholes at the top of these failing banks already have their bonuses and houses and Ferraris.
Not all rich businessmen are assholes, they gave loans out to people with subpar credit and now because of that, our economy is tanking.
With or without a bailout, these guys are gonna have their futures pretty much paid for. The only people really suffering if the banks fail are the normal people at the bottom of the pile who feel the effects of economic ruin.
True. And not only that, the value of the dollar will lower and now the american people now have, on top of our 10+ trillion dollar debt to pay, another 700 billion. :S
I don't like the way that banks have been managed, but letting the biggest economy in the world collapse just to spite some CEO asshole is a little far to go to annoy someone.
Again, like I said, I dislike the bailout because I value the American people's economic standards as a whole.
If you ask me, government should be using bailouts like this as an opportunity to push through a massive increase in regulation and taxation for the rich, since the illusion that they have a clue what they're doing has been pretty much shattered. Maybe a few prison sentences for the biggest offenders, too. That'd boost public confidence.
Taxing the rich even more will only worsen things, like you said. It isn't government's job to get so deep into the private industry as they are right now. With all these unnecessary regulations, it is just going to make a turn around, if ever, much harder to obtain.