Video: Uncle Sam's Massive Bailout

September 20, 2008 RSS Feed Print
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I lived in the US in the late 70s and was shocked when I had to have a credit record i.e. debt, to obtain credit at Sears, despite a substantial salary. I met people using one credit card to pay others. From an international perspective interest rates did not reflect the true cost of capital - even then. Since then each administration has fuelled "growth" with credit and deficit budgeting. US citizens voted for these administrations and took advantage of their lax financial discipline.There have been several bubbles and high profile cases of fraud and financial engineering, yet, despite severe sentences prominent executives by the authorities, citizens continued to run with the bulls. What does a house produce or manufacture? How can debt have value and be used as credit? Speculating with debt is irresponsible of you have dependants.

All must accept collective blame and responsibility. Sure, Wall Street went too far, but they were driven by shareholders and investors.

Bite the bullet and get back to real, fundamental value. Postponing the bitter medicine for future generations is contrary to all values that Americans represent, and hold dear. Do the right thing,now and pull together now - we are all depending on you!

Andre Pelser 10:12AM September 30, 2008

This will not be the first time the current administration was so sure about an imminent danger threatening the American way of life. Back Off. Do not give Misters Paulson and Bernanke so much authority and power over the US checkbook. Let things settle until after the current administration is out of office. Then, act accordingly. Whether the BIG BAILOUT happens or not the USA isn't going to vaporize.

Enough of giving this administration uber powers. Enough with the dire uber urgent call to action. Enough of trusting this administration with the wealth of this great nation. Enough is enough.

Carl Culbreth of FL 6:05PM September 21, 2008

I find the recent criticisms of President Bush over the current financial crisis particularly unfair. After all, has he not made it crystal clear, from the outset of his presidency, that his purpose in office was to protect the interests of the wealthy. From his massive tax handout to the rich, to his blatant admission that the haves and the have mores were his natural constituency, he cannot now be accused of deceiving the American public. If the American people chose to delude themselves that compassionate conservatism somehow applied to them, then they only have themselves to blame. Had it not been clearly demonstrated to them in the 1980s that the economic basements of the wealthy were watertight, so that very little wealth could ever trickle down to anyone else. Had not the concept of laissez faire governance caught this president napping at the wheel at successive crises, both man made and natural? Has the diminishing standard of living of middle America not been evidence enough? Did the rest of the world not plead with you in 2004 not to saddle yourself and them with more of the same? How therefore can this most transparent of presidents be now reproached when he has been so open about his ability and intentions. It has been made perfectly clear to you that, at the end of the day, terms like the invisible hand of the market, compassionate conservatism, de-regulation, tricke down economics, laissez faire governance and personal ownership, really means, you're on your own. If someone needs to be blamed, then you can only blame yourselves. You had been amply warned.

Dr M Santiago 5:54PM September 21, 2008

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