What now?

Posted on September 29, 2008
Filed Under current affairs | 7 Comments

Hmmm, so they said no to the $700B bail out. What now then? Quite scary seeing those share prices fall – and that’s just the American market. When Asia opens in a few hours and Europe opens in about ten hours I think we are going to see major share tumbling. I think tomorrow is going to be a bleak financial day.

I hope they sort this out. I have one thing that is ticking me off though. Predictably enough Democrats and Republicans are blaming each other. The Republicans claim it was the Democrats fault that the vote did not go through. What planet are they on? The voting results were 205 to 228, with 140 Democrats and 65 Republicans voting in favor and 95 Democrats joining 133 Republicans against. Do the math republicans 133 of your guys voted against it – you fluffed it up.

To be honest, I don’t know if I’m for or against this bail out. It seems like a whole heap of money – in some ways they might as well just throw in another ten billion to deal with world poverty at the same time – you know what’s ten billion when you’re dealing with hundreds of billion? I think a lot of the companies being “bailed” out have got their just deserts. They’ve been greedy. Some have continuously offered credit to people who they know can’t really pay it back. Part of me wants their CEO’s to suffer and maybe have to give up their jet setting lifestyle. Why should the tax payer have to fund that?

At the same time I realize that if some of these companies do go down then the people who will suffer the most will be the likes of you and I who are simply trying to make ends meet.

There needs to be real wisdom in this whole thing and accountability. What do you think? Are you for the £700b or against and why?