Apparently we have a deal to bail out Wall Street using 700
Billion dollars of tax payer’s money to ensure that we same tax payers don’t
suffer an even more severe downturn. The frustrating thing for most of us following the financial news
over the past week is that we don’t really understand the economic principles
at work that made and make the situation so dangerous. As CNN’s Campbell Brown indicates in her recent commentary we basically have to trust that the
very people who watched while things got broke will be wiser when they put
things back together.
Listening to President Bush, Paulson and Bernanke explain
all of this is akin to hearing someone talking about a natural disaster. This happened, it is horrible, and if
we don’t fix it the world will spiral downward and out of control. So, please, send us your money or
more people will suffer.
Well, I don’t know a lot about economics, but I do know that
this wasn’t a natural disaster; this wasn’t an act of God that created the
financial crisis that we are apparently in – it was acts against God. It was the sin of greed and excess and
worshiping at Mammon’s feet by some careless, guilty and very rich souls that
got us here. While I can’t
say exactly what I want to have happen on the economic front, I can say on the
spiritual side that I WANT TO SEE SOME REPENTENCE AND ATONEMENT!
I have not heard one person or financial group stand up and
say that they are sorry that they broke the public’s trust and personally
acknowledge that their short sightedness and greed caused this collapse. It is a spiritual tenet of my faith that until you have repentance
and atonement, that you cannot have forgiveness and reconciliation. Wall Street – the American people are waiting.
posted September 25, 2008 at 11:06 pm
I totally agree, and I’ve been venting on my own blog all week. The thing that is amazing is how much this whole situation reminds me of when I have had to help my friends who were dealing with their addictions. It’s like that point when you think, “great, he finally has hit rock bottom” and they come to you for help, but then they make up some story about not getting paid that week and they need to borrow a few bucks. They swear to you that they are clean and their not going to use the money for their habit….
I don’t know what to do economically, but to hear from the country’s elite in the “faith” of free markets, talking about how we have to save the almighty market, sounds very suspect to me. They definitely haven’t admitted their addiction to themselves yet.
On another note… it sounds eerily similar to the doomsday proclamations I heard during the “energy crisis” in California a few years back.
posted September 26, 2008 at 5:48 am
While undoubtedly there are several dozen if not more who were intimately involved in the failures of Fannie, Freddie, Wamu, Bear Stearns there are three key figures who set up, received loans, and finances based on these bad, illegal loans. They are Christopher Dodd, Barney Frank, and Barack Obama.
They should never be allowed near a checkbook ever again, let alone the nation’s finances.
And as for the in-house Republican rebellion of a few hours ago — it’s about time someone in the Republican party realized that simply giving 700 billion to the same people who screwed it up in the first place is not a good idea.