[Sayma-Discuss] Bailout

Errol Hess errol at kitenet.net
Thu Oct 2 09:37:17 EDT 2008


Thank you, Kit.

When I kept cattle and they got out, the first thing I did was to find
out where and stop the opening.  Until our government can fix what
caused this crisis it has no business bankrupting the taxpayer with any
"solution."

The latest Friends Journal is replete with suggestions about how Friends
might respond to a crisis of which this housing-financial crunch is just
the iceberg's tip.

Sooner rather than later we, as a nation, need to learn that our
economy's foundation, a constantly growing economy, is one root of the
problem. Another root is the enormous and addictive system of gambling
we call a stock market.  "Free trade" is another, which allows owners to
profit from things frowned on in this country, such as unbridled
pollution, child labor, slavery, poisoned food.

What would a sustainable economy look like?  

If money to borrow is a big issue, why doesn't government loan out some
money instead of trying to buy out a foolish banking system so it can
make some more creative mistakes which get its employees rich while
breaking no laws but moral ones?

Would most of the goods sold in America be Chinese (Malasian, etc) if a
surcharge were added to adjust for pollution, lax consumer protection,
unsafe working conditions? 

Was it Thoreau or William Blake who said, "There are a thousand striking
at the branches of evil for every one who is hacking at its root"? 

On Thu, 2008-10-02 at 02:13 +0000, Kit Potter wrote:
> 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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