Ok let me see if I can answer the why. This is not a Wall street Bail out any more. When the Governor of California tells you he cannot get money to pay police we are passed Wall Street. When a chicken farmer in Georgia tells me he doesn't know if he will be in business because his supplier cannot get the money to be able to send him chcks we are passed Wall Street.
I listened to the debate today and while Ron Paul and a whole bunch of other folks were 100 percent correct about the problems and the changes needed they were dead wrong about what to do. It doesn't matter if your right but there are no police or fire folks in your town because they cannot get paid. That is where we were going and in a hurry.
So we can all hate the bad guys and say never never again. And we can insure we get paid back. This bill is a start to fix a problem. It's like some one throwing you a life preserver while you wait for the rescue ship. Let's stay focused on Congress when they come back in session to make sure they get it right
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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog
On line at www.allmountainrealty.com Call at 706 579 1098
Hey... where is mine? Maybe it's coming... first Wall Street then California then me?
California has taxed residents out of living there. I think the figure was the top 5% in income pay 64% of the taxes. I'd leave too. Folks leaving have higher income than those coming in, hence, less taxes collected.
Charlie...
I guess something HAD to be done, now let's see where the chips fall!
Charlie- So California should figure out how to stay within a budget instead of having the second highest deficit in the country.
So people should learn how to live within their means. I know of no one in our area that was being turned down for a loan or could not run their business.
But that is not even the point. The point is that the bill was and is not the answer.
All that had to happen in order to loosen up the credit crunch was to get rid of the stupid market to market valuation accounting method imposed by a government on to the banks. IF this regulation had been in effect in the great depression, all the banks would have failed. Instead, only ONE bank failed in the depression. IT was NOT the crash on Wall street that caused the depression. It was the horrific regulations and bad policies of Hoover and Roosevelt. If the market to market valuation system were in place then we would still be in the depression.
This bill was 3 pages, then 128 pages and now over 400 pages of crap that has nothing at all to do with the crisis.
Hi Charlie,
I read your last couple of blogs, and have a couple of questions: what is a marble festival???? and how can anyone think that the bailout bill is going to help when speaker Pelosi has been calling it a "buy-in"...one of my friends said this is like calling your taxes "an investment in our country's future". I have a sinking feeling that this bill will go the way of other "rescue" plans---badly.
I totally agree with Nestor and Katerina, the mark-to-market system is broken and should be fixed; though I know the accountants would hate that.
Charlie, I am not too happy about this bail out. Really pisses me off that we are rewarding the very people that drove this country into the ground. And Barney Frank, I don't want to get started on that SOB... He is just too cowardly to do the right thing - Resign from Congress...