Last Friday a revision to the bail out bill was passed in the House of Representatives and later signed and approved by the president. It was a 700 Billion dollar deal to try and rebuild the nations economy. Terry Baldwin a U.S. republican stated "she supported the bill because without action America could fall into a severe depression." She also said, "do believe Congress needed to act, and has, in a responsible way that responds to the immediate crisis and takes steps to prevent such greed and mismanagement from ever happening again." On the other side of the spectrum many of the people that voted against the bill said that giving the government the right to spend more money is not what we need to do. They also think people are relying to heavily on credit and no one is worse about these things than the government itself. The bill is intended to reach out and help the banks that have given out loans on houses that people have bought and could not afford. The bail out will put a temporary halt on these issues so that we have time to recover from the mistakes we have made.
I believe that this will give us time to try and recover and learn from our mistakes. However I do not believe giving the government money to do this is also a poor idea. If i was able to vote on the bill I would vote against it. We need to pass a bill that puts laws and restrictions on what the banks give loans on, but not give them more money to try and just fix old mistakes.
-Runningman18
4 comments:
I agree with you Runningman. We need restrictions on what these banks and financial institutions do with our money and at no point should the CEOs of these banks be getting huge retirement packages when they've run their banks into the ground.
About the learning from our mistakes part. I don't know about your family, but if I screw something up, I'M the one responsible for it, no one is going to come bail me out. I say that we call them responsible, and steal everything they have basically, be it mortagages and the like. If the person couldn't afford that house, they shouldn't've bought it. You screwed up, deal with it and move on.
You can't just move on. Banks have no credit now. Construction has come to a complete standstill in Florida because banks won't loan them any money, even though Florida has some of the best credit in the nation. Although it is the citizen's fault, it is effecting everything and everybody, and we can't just leave it alone. A bailout is the best possible thing for this nation right now.
I'm sorry but the citizens of the US are not entirely at fault here. If the companies knew that the person or people applying for the loans wouldn't be able to pay off their debt in a timely manner then they should have never loaned these people money in the first place. that is one of the reasons good or bad credit is so important to banks and lending companies. if a person has bad credit, they can not pay their debt and if a person has good credit, then they can be trusted to pay off that debt when they can afford to do so. The people are not at fault for the bad decisions of these corporations and they should not be blamed for it.
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