Bailout-Shmailout

Well, so much for that. In case you haven't heard (which means you don't own a TV or a computer), the bailout package did not pass the house vote this morning. While this was happening stocks continued to plummet.

Now, I realize that I my expertise in this area is not super high. I am fully aware that there are many people who are analyzing this much more in depth and with much better understanding and training in this area. But that never stopped me from giving my opinion before. So here goes:

I have a problem with the fact that the guy who heading up this situation used to be a cooperate CEO of major player in this crisis and that while he was there, he made a staggering amount of money. This is the same guy who wants to give 700 billion dollars in bailouts to the companies who made this crisis happen, WITHOUT ACCOUNTABILITY!!!???!?!?! This money goes to the compainies and therefore the CEOs; the very same CEOs and greedy, money-hogging, scoundrels that used to be his colleagues.

The big problem here is that these people made horrible business decisions without any fear of the consequences. This had to be the best risk vs. reward situation they could have every dreamed of. Risk everything and reap all the benefits when it goes good (see: 05-07), but suffer none of the consequences when it goes bad (see: right now). We are essentially letting these CEOs and corporations off with a free ride, while all the peons like us dream about what it would be like to have 1% of their salaries.

And where exactly do Pres. Bush and McCain getting off backing this bill?!? Aren't they the same "Free Market" backers who claim that the market can always right itself and that the government shouldn't be regulating it? I wonder if we would be in this mess if we had governmental checks and balances on the market that Bush and McCain and the like are so vehemently against?

And since when should we listen to this president's advise on the economy? This is the same guy who told us to go shopping after the attacks on 9/11. We are in a world of hurt.