09-25-2008, 01:51 AM
I'm not an economist, but I reject the idea that this has to be done immediately to stop an imminent meltdown. There is a tremendous amount of inertia in our economy. GDP is close to $14 Trillion - that's around a quarter of the entire world's GDP. Something that colossal does not stop on a dime. This is another Bush and Co. smokescreen to further line the pockets of the ultra rich and undermine entitlement programs. Judging from the public response so far there will be a price to pay for those legislators who sign on, if the electorate can remember through an election cycle - and that's a big if.
I like BCam's on the ground approach. A program like the one he outlined that is carefully conceived and overseen could do a lot of good, IMHO. Home ownership generates a lot of money flow and leads to better communities. I would also like to see retirement plans protected, if only for the fact that we can't afford to take care of all the baby boomers when they leave the workforce.
There's plenty of money awash in the system and tons of profit to be made by offering credit. The stronger players will step up to the opportunity. Let the Wall Street elite take the hit they deserve. Meantime, pass some regulations and untie the watch dogs. If that means there's not as many Escalades and Hummers being sold, a lot less McMansions blighting the landscape, and some people have to wait awhile to get an HD TV, so what? The current level of consumerism is unsustainable.
I like BCam's on the ground approach. A program like the one he outlined that is carefully conceived and overseen could do a lot of good, IMHO. Home ownership generates a lot of money flow and leads to better communities. I would also like to see retirement plans protected, if only for the fact that we can't afford to take care of all the baby boomers when they leave the workforce.
There's plenty of money awash in the system and tons of profit to be made by offering credit. The stronger players will step up to the opportunity. Let the Wall Street elite take the hit they deserve. Meantime, pass some regulations and untie the watch dogs. If that means there's not as many Escalades and Hummers being sold, a lot less McMansions blighting the landscape, and some people have to wait awhile to get an HD TV, so what? The current level of consumerism is unsustainable.