At this time, many people are wondering what will happen next. Many hours were used to plan a bailout to try to settle Wall St. However, the plan was presented to the House of Representatives today and it was voted down. Hundreds of thousands of people spent time calling their Senators, Congressmen, and Representatives to plead with them to not support this plan. And for once, they listened!
This plan seemed to be a blank check for the Secretary of Treasury, Henry Paulson, to propel his career. Seemingly, with all the power of $700 billion in his hands, one can only wonder what Paulson's underlying meaning was or is.
One other thing to take a look at, would have been the lining of the pockets of organizations in the like of ACORN. All be it at the sum of 20% of the first preliminary draft of the $700b. Could ACORN have been lobbying for this money to fund the campaign of Barack Obama? Is this why Obama didn't want to join John McCain in Washington to work on an agreement to help the people of America, because he could have profited from it?
Pointing the finger, and placing the blame is the easy thing to do, but figuring out a way to help the people long term is key. Is the government stepping in and paying for the mistakes of the people, the right choice? Many more say no than yes. The idea of a government bailout is short term, while allowing the market to correct itself and letting the private sector step up and take care of things is long term. We have seen in the recent weeks, banks and lending institutions fail, only to be acquired by much larger banks and institutions. Most recently, the acquisition of Wachovia by Citigroup.
The private sector has always, and will always, work much faster and more efficiently than the American government. The private sector wants nothing more than to control their money and investments without the unhelping hand of the government. This was expressed today by the actions of the people and taking the initiative and voicing their opinion.
However, it is unfortunate that Wall St. is being a big pouty baby and bring forward the largest single one-day plunge of 777Pt's. This is nothing but pure scare tactic to try and get a bailout passed. The bailout will not work today, and it will not work tomorrow. What needs to happen is to let the market correct itself, instead of looking to someone to fulfill their greedy grimey habits.
The majority of this "crisis" falls on the grounds of GREED. What is GREED? GREED is an excessive desire to aquire or possess more, especially material wealth, than one needs or deserves. The greed of the people to live the American dream. The greed of lenders and big business to take advantage of that dream. The greed of the government to control more and more.
This country was founded on freedoms, hopes, and dreams. It was not founded on the ideals of Socialism. If the elected officials continue down this socialistic path, the people of this great nation will revolt. What the elected officials are failling to remember, is that they are to be the voice of the people when drafting and voting bills and laws. It is the voice of the people that are to guide and direct the path of America.
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