The United States Congress is to represent the American people. Unfortunately, they have failed to do this by not passing the $700 billion bailout plan that would have saved homeowners that are on the brink of foreclosure. What they failed in is that they put deontological philosophy before teleological aspects. Which is more important, making sure executives are not compensated, or keeping people in their homes? What the leaders failed to do is communicate to Congress in plain English what this bill would do for the American people. Paulson, the former CEO of investment house, Goldman Sachs, and Bernake, the former Princeton economics professor explained the bill in jargon only sophisticated investors would understand. I have been a stock trader for almost three years and even I didn't understand. Something must be done, or we will see more 777 point declines on the Dow.
Chrissy Jordan
POS 2041
Fridays, 8:00-11:00 AM CDT
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11 comments:
It stinks that the economy came to this but the bailout was necessary to keep the economy from total collapse for now. What I don't understand is how much changed in the bill this time around from the day it was rejected. I believe that it will take a long time for our economy to fully recover from the mess that has been created by both parties in Washington.
Scott Rudd
Pos 2041
Fridays 8:00-11:00
as the debt in our country continues to grow the longer it shall take to recover. 2008 has been a tramendous year as far as making history nd this bailout is deffinatley a history maker. thankfully the bill wasnt passed and corporate america took a big hit. simotaniously it is unfortunate as to what is to become of all those on the brink of forclosure. this bailout was a tough one to vote on, either forclosure for many or an even greater debt in the trillions we are already in?
Gabriel Rivera
CPO2001 11:30-12:45 TR
The bailout was something that was hard to decide on. Although, it was much needed it was not something many wanted to do. The economy has changed a lot since this has occured and will take longer time to pick up the pieces of this decision.
Marissa Shuler
POS 2041
8:00-11:00
Personally i think this bailout was a very difficult decision, because yes we dont want the economy to fall more than it is, and want to help the people keep thier homes ,but what about the debt that it would put us in.Besides the one that we already have.I think that it have a big effect and long time recovery i wouldn't have know what to decide on.We are in debt and hopefully we overcome soon.
Lonnie Robinson
CPO 2001
11:35-12:50TR
I would have to agree that the decision for the bailout was a very difficult one to make. However, I do believe Congress made the correct decision. Although there were a lot of investments in these companies, there are still responsible for their own actions. When it comes down to it the average citizen will suffer behind all of this. It will be our tax dollars paying for someone else faulty screw ups. People want to use $700 billion to help the economy, but what we have to realize is that people made these decisions to purchase items they could not afford. For the average citizen that may have messed up their credit up in the past and they are trying to repair it now-why not use some of the money to help them? Instead people want to make the rich, richer. I'm sorry I can't afford to do that. When we make a mistake we have to learn from it and so should they.
Sarranda Hall
POS 2041 (FRI) 8-11 a.m.
I am still undecided on whether this bailout is going to help. What I do know is that everyone, including the government, executives and homeowners, need to be accountable. Congress made bad decisions with Fannie Mae and Freddie Mac, CEO's were mainly thinking of their own huge bonuses and the people were spending beyond their means. Now everyone expects the taxpayers to bail them out because of their bad decisions.
Robert Rozycki
POS1601
Tuesday, 6 P.M.
It is hard to even imagine 700 billion dollars and that it would take that much money to just get us out of this mess. I want to hear a CEO say I'll take a pay cut, I guess they did earn every penny of that 80 million dollar salary. Yeah right! It will be interesting to see how President Elect Obama will deal with this predicament.
Emily Pullen
POS 1601
Tuesday 6pm
The other night my friends and I were talking about the automobile bailout. A CEO of one of the major car companies asking for a bailout is going to drive to work instead of taking his private jet and reduce his salary to $1. I think he's doing it mostly to receive the bailout and because his actions won't save the company.
April Pingol
CPO2001
TR 1135
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