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Wednesday, May 16, 2012

Hey, can we focus here please?

Posted Thursday, October 9, 2008, at 12:39 AM

Justin Messner

Well, there you have it. The national bailout plan has been in place for not quite one week and is definitely showing signs of weakness.

Now, I don't want to point fingers, but, here are some things I think I may have done differently.

First, I am pretty sure I would have made sure the person putting together the plan was capable of such a task.

Most were shocked to learn that Neel Kashkari, 35, the man our national Secretary of the Treasury Henry Paulson put in charge of spearheading this plan was only six years out of business school.

Now don't get me wrong, I am young and was trusted with little experience to step into an important role for this community. But, does the financial future of an entire nation -- and the way it is beginning to look, the world -- depend on my decisions? No.

So let's turn to someone who has a note-worthy opinion.

Samuel L. Hayes, an emeritus professor of finance at Harvard Business School, said in an interview with the New York Times, "It's amazing to me that a guy who is only six years out of business school has been given this kind of assignment, because it would be an enormous challenge for someone with 30 years of experience,"

Secondly, I am pretty sure I would have taken a bit more time on this whole thing. The House and Senate were being pressured so heavily to make a decision due to the looming financial meltdown which was about to happen any minute, that they pushed the issue through on its second reading. So, how did this play out in the real world? It completely backfired of course. Investors were so worried about the plan failing because of the rush and lack of any real proof it could work that the stock market fell to its lowest point in 5 years.

Now to my point. I am very happy to see that despite the 180 degree change in view most politicians made (likely because someone finally explained that they would make a great deal of money from this thing) Kansas' representatives held strong.

Whether the plan was the best, worst or somewhere in between idea for us, I think it was rushed. And, not only was it rushed, but rushed by the last people on earth you want to have sneak something by you -- U.S. politicians.

And, the people who I am truly disappointed in were our Presidential nominees.

63.2 million of us sat to watch Democratic Sen. Barack Obama and Republican Sen. John McCain's second debate in Nashville, Tenn., Tuesday night.

I can't say that the two candidates got too far into a "My plan is better than your plan" conflict, but when it came to issues of the U.S. economy and its current state, it appeared as though blame took priority over solutions.

Of course the very first question at the town-hall style debate was financial crisis related.

What would the candidates do to protect retired and older citizens who are losing their incomes?

Obama began his answer with the condemning of the "failed economic policies of the last eight year." This was followed by his plan to extend assistance to the middle class, including tax cuts and measures to keep homeowners in their homes.

McCain as usual found a way to promote his idea of U.S. energy independence. Saying he plans to put us in a position were we could "stop sending $700 billion a year to countries that don't like us."

Both candidates fought to find a tie from the failing economy to the other candidate.

Obama accused McCain of promoting deregulation in the financial market, letting them "run wild" while saying "prosperity would rain down on all of us. It didn't happen."

McCain fired right back accusing Obama "and his cronies and his friends in Washington" of promoting Fannie Mae and Freddie Mac to make "all these risky loans."

Either way, you know what, it's past blame now. I think many, many, many political figures and greedy industrial and corporate giants have put us in a bad spot. Who really cares at this point who did what.

I compare it to the police's involvement in a shooting. When they arrive on scene and a person is lying there bleeding to death, do they leave that person to chase the person responsible? No. They do what they can for the victim and when they are stable or in the hands of someone who can help them further, the police go after the shooter.

Well now we are all lying here bleeding and our political leaders have left us here so they can find the person responsible.

And, what makes this situation even worse, is the fact that they don't care about the people who did this to us. They are pretending to be concerned to promote themselves in the election.

You know what, if you want my vote, you had better patch us up a little. At least offer a Band-Aid.

Don't allow mortgage bankers to give anyone who walks through the door a loan, then when the lenders are bankrupted, raise my taxes to pay for the loans that go belly up.

Common sense ladies and gentlemen, perhaps we should be a little more lenient on who we allow to have that.

Is attempting to find the person or persons responsible for our current financial crisis going to sway your vote in any way?

 No.
 Yes.
 Maybe.


Comments
Showing comments in chronological order
[Show most recent comments first]

I AM FOCUSED "BARACK OBAMA & JOE BIDEN FOR PRESIDENT. OK Look! When the conservitives took the House, Senate & Presidency I said this will be their legacy. Good or Bad. Is anybody paying attention to what has happened to us and the world sense then. Trickle down what?

Obama has a large, well staffed operation going on to prepare for the presidency. Groups are working to select potential cabinet officers and plan policy agendas. McCain has no such operation. All his manpower is going into a final push to win the election. Forget the band aid. Let's get into surgery and start healing.

-- Posted by My_2_Cents on Thu, Oct 9, 2008, at 4:29 PM

Greed and corruption knows no boundries or political affiliations.

Both Democrat and Republican elected officials,bankers,regulators and financial managers, and we the public are ultimately to blame for this calamity.

To play the blame game at this point is not going to help much.

As far as being able to fix the economy, I have little faith in either McCain or Obama's ability to accomplish this.

The market will correct itself eventually, we just don't know what the final cost will be.

Whoever is president when it finally corrects itself will be hailed as some kind of financial savior, much like Clinton was at one time, but ultimately it is more about timing than what decisions the president makes.

-- Posted by like2b_onree on Fri, Oct 10, 2008, at 8:19 AM

I think the Republican Party has moved so far right in recent years. So much so they think they are the deciders rather than us, the American People. Barack Obama is definitely more liberal than I am, but I'm willing to compromise on some of those issues for what I think is the greater good. I would rather pay a little higher tax on a higher profit than a lower tax rate on lower profits. I am for all of America, not just a party. Let's get to work!

-- Posted by My_2_Cents on Tue, Oct 28, 2008, at 12:52 AM


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