Wednesday, February 11

"It's All We've Got"

"We've got to do something."

Those are two phrases you hear the most when talking with people about the stimulus bill and whether it should be put in motion.

Honestly, I think those are very lame reasons to saddle the American people and future generations with millions, no, billions, wait, ZILLIONS of dollars of debt.

Then to have Treasury Secretary (and tax whiz) Tim Geitner say yesterday he had a new plan but it wasn't guaranteed to work either. He obviously inspired great confidence as was shown with the markets closing down 400 points.

So maybe, just maybe, there is another way that doesn't require us to "settle" for a second rate plan just because that's all we've got. For having scores of brilliant minds to draw upon, I can't believe the only thing we can come up with is to throw the kitchen sink at this problem and see what sticks.

Maybe the answer is actually right under our noses. Maybe it's allowing our free markets to decide who lives another day and who fails. I know some of you feel like that is definitely a more risky proposition and you ask about the people that will become collateral damage? Well folks, neither plan is without collateral damage. The stimulus plan just slaps a big ole Dora band aid on the pain and delays the inevitable for another day. Letting the market correct itself takes all the phony money out of play and puts our economy back on solid ground.

I'm not alone on my call to "do nothing." Here's a smattering of articles from around the Web that are sounding the same alarm:

Let Wall Street Fail

Keep Your Hands off my Shaky Assets

Let Failed Banks Fail

Why a Few of the Financial Giants Should Crash

Leading Experts: Let the Banks Fail

What if we let the Banks Fail

4 comments:

Tracey said...

Woo hoo! I totally agree with you on this one. ~:-)

Jeff said...

Sorry, but the "do nothing" train is leaving the station. See you at the next stop, which might be the unemployment line.

Rachel Langston said...

I don't know what the answer is either. I have to wonder, though, if we let the banks fail whether or not we might be able to build some NEW BANKS that actually operated more intelligently than the ones we are incurring so much debt to save!

Rachel Langston

Melissa said...

This is funny! I actually posted my other comment before I read this, but YES and AMEN! Jeff - don't let our current doom and gloom administration scare you. Times have been tougher and the country bounced back without having to give away trillions of dollars to companies who pay out multi-millions in bonuses to their leaders.

Our only option after we spend zillions may be simply to let some of these businesses fail after all....but wasting all this money in the process of keeping them afloat is ridiculous. There are no guarantees and I think Wall Street knows it.

 

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