[Sayma-Discuss] Bailout

Kit Potter kitpotter1 at bellsouth.net
Wed Oct 1 22:13:32 EDT 2008


Janet Minshall is saying very clearly very much what I have heard from the professors of finance and economics at Vanderbilt's Owen Graduate School of Business. You can watch their panel at this address:
<http://www.owen.vanderbilt.edu/vanderbilt/> 

The things that bother me are those that are bothering everyone: protecting retirement; protecting small businesses; protecting homeowners; (finding affordable health care?); and most of all, consequences for those who are complicit in the decisions that created this debacle! Everyone keeps telling us that the mess cannot be "picked apart" to shore up the innocents at the bottom of the mess - the homeowners and small business owners who were sold on unrealistic expectations or those whose medical bills DID decimate their bank accounts.

Another thing that bothers me is that no one seems to be looking publicly at the solutions that Sweden found for their similar financial crisis some years ago. See this:  <http://www.nytimes.com/2008/09/23/business/worldbusiness/23krona.html> 

A friend of mine said twenty years ago that she expected that multinational corporations would want to weaken the U.S. so that they would be untouchably stronger and more powerful than any nation. That feels like a very paranoid thing to say, but in practical terms, is that not what we are now seeing occur before our eyes? The U.S. will not recover for decades if we have to pay this much from the treasury for bailout. We are going to be one of the biggest debtor nations ever!

If this is something that we are all sensing, no wonder we are saying NO, despite what ALL the economically-educated and experienced folks are saying. The problem is that we are saying NO too late. It's done. We all saw it coming when we saw the incredible mortgages being offered, and all the credit card debt being allowed, etc. but we didn't know what we were seeing. 

I encourage folks to read more and watch the panel (things are well explained). I hope that we can obtain some help in the body of the final bailout legislation such as the suggestions made by FCNL"What Should Be in the Bailout:  
1. Expand the Child Tax Credit.				    
2. Include measures to help homeowners avoid foreclosure.				    
3. Extend unemployment insurance."If you want to make a difference, I suggest making calls to request these amendments. I do not suggest calling to tell representatives and senators to say a blanket "no" as Michael Moore does.

Prayerfully,
Kit Potter
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