Sarcasm, Honesty, Objectivity

This taken directly from newyorktimes.com

The proposal, not quite three pages long, was stunning for its stark simplicity. It would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt.

…Democratic leaders have pledged to approve a bill but say it must also include tangible help for ordinary Americans in the form of an economic stimulus package.

…The ambitious effort to transfer the bad debts of Wall Street, at least temporarily, into the obligations of American taxpayers was first put forward by the administration late last week after a series of bold interventions on behalf of ailing private firms seemed unlikely to prevent a crash of world financial markets.”

(Thank you www.Newyorktimes.com

http://www.nytimes.com/2008/09/21/business/21cong.html?_r=1&ref=us&oref=slogin)

Is this just me, or is this a big slice of socialism for the US economic pie? Oh, and not only that, on top raising the national debt ceiling to 11.3 trillion dollars the Democratic leaders vow to pass this proposal if it also includes a stimulus package to aid those in need as well? Oh, and it gets even more grand… so not only has it been stated that these companies fail miserably at the business model but their short comings now have to fall on the people?

Not just those who have invested, but everyone?

This gives the power to the Treasury to attempt to alleviate this situation by giving them control of all the buying and selling of mortgage debt (The Secretary of the Treasury is, by the way appointed by president). Oh, and in light of this Obama and Mccain both have given great, BLAND, absolutely useless statements that reassure anyone with a brain of nothing because neither side say anything on how to fix this problem?

This also taken directly from newyorktimes.com

Mccain

“This financial crisis,” Mr. McCain said, “requires leadership and action in order to restore a sound foundation to financial markets, get our economy on its feet, and eliminate this burden on hardworking middle-class Americans.”

Obama

“We have to make sure that whatever plan our government comes up with works not just for Wall Street, but for Main Street,” Mr. Obama said. “We have to make sure it helps folks cope with rising prices, and sparks job creation, and helps homeowners stay in their homes.”

Here is a great example of how our future president seems to pawn it off on “whatever” may fix it. I feel that this is a great place to state your position. At a time like this, stating what you might do in light of this situation may really make a difference if a presidential candidate actually give plans on what they could pass in order to rejuvenate our economy.

Another interesting pitfall of this proposal is that it only requires a minimal amount of reporting to the government. I mean, isn’t this how corporate America got here in the first place? We need more corporate responsibility. I don’t think bailing all these companies, putting the debt on the American people and wiping our hands clean of this will fix anything. The government is not there to bail companies out of their debts. However, this is a necessary evil because we have already fallen this far and without the government support nearly everything would crash… but honestly… we need to check up on these corporations that lie on paper but provide no real economic wealth. We need to look into real wealth, wealth that comes from re-investment in the company they are, not who they buy.

Honestly.

Real wealth.

Not Paper Wealth.