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    Posted September 29, 2008 by
    MikeHouston
    Location
    Houston, Texas
    Assignment
    Assignment
    This iReport is part of an assignment:
    Bailout outrage

    More from MikeHouston

    UNITED States no more?

     
    A key point that the supporters of the bailout bill are missing is the enormous repercussions the bailout will have, if it materializes, on the government-citizen relationship. While most US citizens are kicking and screaming bloody murder, our leaders insist on moving full-steam ahead with the bailout, citing vague threats of impending calamities in case of inaction and soliciting the help of celebrities like Warren Buffet (with all due respect to the good man, lauded philanthropist, and investment icon) while ignoring others (like Ron Paul). We've heard it ad nauseam: "The bailout is needed to save troubled financial institutions." Let me rephrase: "We need to keep firms that made terrible loans afloat, so that they can continue making loans." (!!!) Well, (hell) no! It is not NEEDED. It is certainly DESIRED by the very perpetrators of the crime and their friends, but it is not needed. What is needed is precisely the opposite: Troubled financial institutions must be left to fail, because they are unfit in today's environment. Those institutions that survive deserve to pick up the slack, offer loans in the future, and grow (Warrant Buffet's own Clayton Homes is a good case in point. http://money.cnn.com/2008/09/10/news/newsmakers/buffett_clayton.fortune/index.htm) Bailing out anyone at this point is in stark contrast to oft-uttered proclamations about the value of markets, their ability to correct, government's role as a source of good or evil, etc. It appears, that the good citizens of this country are inadvertently confronted with an axis of evil from Wall Street to DC that leaves them frustrated, offended, and betrayed. It leaves them few options for action at present, other than their demand for their fundamental right to be represented in government. But worst of all, the push for a quick fix (pun intended) to Wall Street undermines the very fabric that holds this country together: If the bailout bill passes, this is not going to be the UNITED states of America any more.

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