The Financial Crisis...

I don't know a lot about a lot when it comes to this stuff, but I have been trying to follow the bailout plan since it was proposed last week. I know I didn't like the plan when it was first introduced. It was giving Paulson $700 billion to do whatever he wanted to with no accountability.

The revised plan seemed to address a lot of those concerns, but the question becomes if the revised bill will even 'save the economy.' I saw a quote from one person say that when you and I are irresponsible with our finances we may have to file for bankruptcy, why don't these huge corporations to do the same?

Here are some quotes from those who voted against it and those who voted for it. Quotes are taken from this article

For voting to approve

Added Frank: "Today is the decision day. If we defeat this bill today, it will be a very bad day for the financial sector of the American economy."

Boehner told his members, many of whom objected to the measure, that they had to accept something he and many of them found distasteful.

"If I didn't think we were on the brink of an economic disaster, it would be the easiest thing to say no to this," Boehner said. But he said lawmakers needed to do what was in the best interest of the country.

Sen. Judd Gregg, R-N.H., a lead negotiator in the bailout bill negotiations said, "If we don't act promptly and effectively, then many people are going to lose their jobs.

Against voting to approve

"This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Culberson voted against the bill.

Other conservative Republicans who voted "no" argued the bill would be a blow against economic freedom.

Thaddeus McCotter, R-Mich., said the bill posed a choice between the loss of prosperity in the short term or economic freedom in the long term. He said once the federal government enters the financial marketplace, it will not leave. "The choice is stark," he said.

Some Democrats voted against the bill for not doing enough to help taxpayers facing foreclosure or unemployment and accused proponents of moving too fast.

"Like the Iraq war and Patriot Act, this bill is fueled by fear and haste," said Lloyd Doggett, D-Texas.

What do I think

I think the real question is how dire is the situation really, and that last quote above is key. If this doesn't pass are we looking at 'Mad Max' in a few short weeks? The current administration sure seems to think so. Can we trust the current administration based on things that have happened over the past 4 years? I don't know...

This is the best article I have seen against the bailout...

Movie quote that applies to this situation

We have serious problems to solve, and we need serious people to solve them. And whatever your particular problem is, I promise you, Bob Rumson is not the least bit interested in solving it. He is interested in two things and two things only: making you afraid of it and telling you who's to blame for it. That, ladies and gentlemen, is how you win elections.

-The American President-