Tuesday, October 28, 2008

The Mighty Dollar

If you would have told me four years ago, that economics, would have
got this interesting I wouldn’t have believed you. Yesterday the
American congress rejected a 700 billion dollar deal to bail out
failing banks. I honestly feel like the longer they wait to pass it,
the less effective it is going to be. They are going to reach a point
where is probably just better to let the market self-correct, cause
that’s what markets do. In the bigger picture, the problem is what it
is and something needs to be done. Yet the cause of this problem
should also be evaluated so it does not happen again. I feel like the
government set themselves up for failure years ago, when they decided
that they needed to force banks to give loans to individuals who other
wise could not afford to have houses cause get them. Not the housing
market is in shambles, and foreclose is an all time high. Banks where
forced to loan out money that they where not going to get back, and
now look the system at is core is falling apart. Some will arguer that
its creed and corruption at the center of the issues, granted I do
believe it has its place, I don’t believe it is the final answer to
the problem as to why the banks fail. Now congress is trying to pass a
bill to rectify the situation, but this bill goes against the very
fabric that is our American constitution. It delegates power to the
legislated and judicial that are in no way implied by our nations
highest written law. The very fundamental principles on which this
country was built are being ignored and all in name of the all mighty

Danielle Scott

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