By Jennifer D. Kluge, Publisher
October 2, 2008
I don’t think anyone really wants to bail out Wall Street, but do the American people understand the consequences if we do not put some sort of short term remedy into effect? The lives that are impacted by our financial structure have an enormous ripple effect through the world, in our retirement plans, in hiring, buying homes, selling cars, getting gas and buying groceries. We all will be impacted by the actions of only a few.
Isn’t this the role of Congress, to protect the American people from all enemies, including our own home grown financial profiteers? But also, isn’t it our fault for allowing the regulations that protected these types of problems to be lifted. About four years ago, regulations that were put in place to protect the financial market after the Great Depression were removed. While we are a more complex economy, the principles are the same. The ban on investment banks, commercial banks and insurance companies from co-mingling investments, reinsuring and funding each other was lifted. This is the root of the problem, our own Congress lifting protective regulations. Now, with these regulations removed, we are threatened by a domino effect coming into play, in this case caused out of greed, resulting in the collapse of each market. We need a short term solution while we work on a long term remedy.
Congress, BAIL. Bail quickly and efficiently and please re-regulate the financial markets for long term sustainability. History should not be repeated and let’s fix what we created. This is our own fault, not necessarily just Wall Street, and the ripple will hit us all. More importantly let’s ensure we put into effect future legislation that helps stabilize the economy and not allow this to happen again.
I have a feeling that those same people that are saying “don’t bail” are the same people that will be angry when they suffer the consequences of a financial crisis. When they lose their job, when they lose their life savings, when they can’t retire, when they can’t pay their bills-¦I bet they will be the loudest.