Federal Bailout Fails

At this point I am against this bailout for a variety of reasons.
1. Washington is broken and we should not continue the politics as is. I am sick and tired of elected official pointing fingers without taking any responsibility for their own culpability. I think at the local level, the elected officials have limited interests and thus reasonable accountability. Once they get to DC they appear to gain greater interests in exchange for less accountability.
2. When it comes to ability and capability, I trust Wall Street more than I trust Congress. On Wall Street CEOs make more money for themselves by enriching their stockholders. This is what it is and should continues be. In Congress Senators/Congressman make more power for themselves by empowering their electorate? Ha ha not! The government does not empower its citizens when it seeks to regulate more and more.
3. On Wall Street there can be no success without failure. I understand that government should protect the people, but this should not be the same as the government being a guarantor of wealth. What has failed on Wall Street is a failure of investment firms to cautiously and meticulously evaluates the risks of the loan packages they bought. They should take responsibility and accountability and accept their own failure.
4. Everything the Congress has touched has turned to mush. This is a corollary to #3. Because there is so little to lose when you are a part of the bureaucracy, there is also little to gain (other than perceived status and power). Smart people to seek to succeed and excel do not go into politics, they go into business. When they sought to extend credit to the underserved, the intention was good, the product has turned out to be crap.
5. Thus I conclude is that it is the best for the country to let the Bailout Bill die. We desperately need to clean house. I am fully confident that the fundamentals of our economy based on ingenuity and hard work remain intact and will not only come out all right, will come through stronger.

Here in VA is how the vote went:
Moran, James(D) = Aye
Cantor, Eric(R) = Aye
Davis, Tom(R) = Aye
Drake, Thelma(R) = No
Forbes, Randy(R) = No
Goode, Virgil(R) = No
Goodlatte, Bob(R) = No
Scott, Robert(D) = No
Wittman, Robert(R) = No
Wolf, Frank(R) = ?

No comments: