Wall Street addiction cure: Just say No…

(Copyright 2008)


By Tony Walther

Congressmen. Please. Just say no to the bailout of Wall Street.

In my last blog I wrote that part of me wants to just say no to the president’s latest proposal to bail out Wall Street and cost the taxpayers at least a trillion dollars.

Now, less than 24 hours later, I say, all of me wants to say that.

In reality, I do not understand economics or Wall Street ways enough to know for certain what should be done. But common sense (something I have never been accused of having, but I think I really do have, just don’t always use it) tells me that if the free market works, let the free market work. We will need to clamp down with reasonable regulations, ones that we have previously dropped, but there always has to be rules in any game.

Something I just read on another blog went like this: thanks to folks like Sen. Joe Biden, who is I believe beholding to credit card companies and such, it is more difficult for average folks to file bankruptcy. It used to be people would file bankruptcy, but be allowed to keep their house. Now people who can’t file bankruptcy due to tighter rules, just walk away from the house. The result is the plethora of foreclosures which has led to this whole financial crisis.

And John McCain is in tight with all those who pushed for deregulation in the financial sector, which also led to all of this. And Barack Obama was in tight with Fannie Mae, I understand, which was mismanaged and led to all of this.

I am now in the camp of Ron Paul, the Libertarian, masquerading as a Republican. He proposes a real free market economy where capital is generated by savings not phony paper. He also does not think we should be fighting wars of choice.

Now I once blogged that I liked what Libertarians say, but usually they are either eccentric or out and out nutcases. Well, I still think they often come across that way – but they make so much sense.

Ron Paul, of course will not be elected president. I assume either John McCain or Barack Obama will be elected.

I prefer Obama over McCain, but in many respects I think that the two are more alike than they are unalike. The reason I say that is that they are stuck with the conventional thinking, it’s just that one is more aligned with top-down Republicanism and one with bottom-up Democratism.

I heard one congressman this morning on C-Span saying that there should be no rush for the current Wall Street rescue package that the world will not come to an end if they take a week or more. I second that. I would prefer they do nothing and let Wall Street stew in its own juices. And actually I think the big money boys are clever and could pull themselves out of this mess without the help of the government. I’m sure it’s the common folk who will suffer, either way. But if there is to be a rescue plan, take it easy, feel your way through this thing congress.

Another disturbing thing I read today is that regional banks who did not take part in the Wall Street mess are going to suffer because of changes being made, something to do with the elimination of the last two investment banks (turning themselves into bank holding companies). I do not understand this, but that is the way things go. The wrongdoers get rewarded and the right doers suffer.

In summary, I am for doing nothing or very little, and Libertarianism sounds better to me all the time. My one big reservation with Libertarianism is personal, because I soon will be in need of universal health care since I won’t be able to keep paying my private insurance. I know that Libertarians don’t go in for that sort of thing. On the other hand, if the economy were run under Libertarian principles and one adhered to them in his own personal life, one might not be in need of universal health care (and besides, as I also blogged previously, I am not hard and fast on any one ideology, except my belief in representative democracy and our Bill of Rights). I can’t go back in time. And of course I am just writing all of this off the top of my head. But I have lived long enough to see both the Republicans and Democrats at work and the results, and you know, they come up with about the same thing.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: