The U.S. Treasury Department and Congress have come up with a plan to spend as much as $700 billion to bailout banks and financial institutions and keep the financial system afloat. This new plan could bring the government’s bailout bill to nearly $2 Trillion. This link gives detailed information on where the government plans to spend the money:
http://www.insurancejournal.com/news/national/2008/09/21/93887.htm
Is this good or bad?
Perusing the Internet, I found several articles about whether it is a good ideal for the government to bail all of these companies out or not. Many disgruntled taxpayers feel as if these institutions should be allowed to fail and that companies are being rewarded for bad decisions. This is seen by a quote from Paul in Portsmouth, N.H. "It is time for the financial institutions of this country to be called to the mat. We should be expecting and demanding responsible and ethical business practice, not rewarding it at the expense of taxpayers."
On the other hand, others see the move as necessary because the threats of financial system collapse. This sentiment can be seen from Surfta in Brooklyn, N.Y."It's NOT a bailout. The government is not handing out cash, they actually stand to make a great deal of money out of this, which will trickle down to YOU. First priority should be to try to control and fix the problem, then regulate sufficiently to make sure this NEVER happens again."
I especially liked an article by Mike Adams in which he compares the government’s actions to how doctors treat patients with health problems. “Mask the symptoms and ignore the cause.” You can read this at http://www.naturalnews.com/024260.html.
What do you think?
Is this government bailout necessary? Are big financial institutions getting a free ride while taxpayers are footing the bill? Is there another way to solve this massive problem?
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