Monday, September 29, 2008

Should Congress Approve or Reject a $700 Billion Rescue Plan?

It depends on your current situation how one answers this question. First let me tell you what I recommend. I recommend a rescue plan be approved. I am self employed and can't get fired from my job. But many others will as the market melts down steadily and Retirement plans lose 20% of their current value or more, depending on the investment. Companies will lay off workers, they won't be able to pay off credit card debt, will stop going to their local restaurants, or retail stores and the entire system will go into gridlock. Cash will be King for those with enough. The rest will suffer.

I don't want innocent people to suffer. You are right it isn't fair, you didn't directly create this mess. But it doesn't matter who created it, it needs to be stopped before a Depression ensues. By approving a rescue plan we all equally share in the burden as taxpayers. But we may be able to keep this economy functioning. People need to stop being selfish for a change.

It's too late to undo this problem but leadership is required even if Bush, Cheney and the rest of the Administration got us here. Your belief that no one has been willing to "bail you out" is incorrect. This is YOUR bailout as the consequences of no action is a Dow of 8,000 instead of 11,000. Your job, retirement plans, home values, are hanging in the balance. It doesn't feel good to have a gun to our heads by the Bush Administration, Paulson and Bernake saying we are at the very edge of complete collapse and must pass this rescue/bailout. But let's be clear, they have put the gun right at our heads. Those that oppose the plan on idealogical reasons will be doing self inflicted harm or "cutting off their nose to spite their face." When you are suffering as you most likely will, unless you have wealth or nothing to lose, there will be nobody standing to help you. We must join together and trust we can fix this together. It's up to you now.

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