Monday, September 29, 2008

Economic bailout

From Nov, 1993 to today


"We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it — not me.' "

I'm not an economist. I don't know the true magnitude of this crisis. I don't understand the international or long term ramifications of Wall Street falling. I am not qualified to make comments or say whether this proposed bailout is a good idea or not. I'm just not qualified. Neither is 99% of the United States population.

Yet this is America! If there's one thing America has, it's a public who's willing to voice their opinion about things they know little to nothing about. CNN's iReport is full of people claiming that the "American taxpayer" shouldn't have to pay for a "few mortgage companies' bad decisions" and that if they fall it was their own fault. The American public has opinions on everything and they're going to make sure you hear them.

Don't forget: this is the same public who wanted to invade Iraq because they had WMD's and were responsible for 9/11.

Just because the public wants something doesn't mean it's the right thing to do. I believe we should leave this to the economists and the experts. The average American - while opinionated on every subject from stem cell research to foreign policy - is not educated enough to know what's best for our nation. Some people are educated in some areas, but very few have the background to look at situation like this current crisis, fully comprehend the implications and the consequences of it, and devise any sort of solution. Economists have said that nothing like this has happened before: there are no precedents to look at or models to go off of. The public wanting or supporting something doesn't make it the right thing to do.

For that matter, look at how many people were afraid the LHC would destroy the world. People rarely know anything about what they're voicing their opinions about.

If the bailout is rejected by congress for legitimate reasons, I accept that. If it fails simply because it might make some politicians unpopular, that's just pathetic.

1 comment:

nae4blue said...

I'm in support of letting the economy collapse. The idea of a high interest loan for no credit failures just screams you're not gonna get your investment back. That's why banks have fallen under. Sure, people will be homeless, but that's okay. We deserve it.