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SOMETHING has to be done re: the credit markets or we could see a death spiral of failing business, causing more homes to be foreclosed, causing more losses at banks, causing even less lending, causing failing businesses, causing more homes to foreclose, etc. I believe UFNY is correct that we need something done to put a floor on this thing before we see a complete collapse. Even as little as two weeks ago, I was pretty optimistic that we could pull out of this, but now I am not so sure.
That being said, I am open to any reasonable plan as an alternative to the crappy bill that was put forward. Seriously, I am open to any idea other than doing nothing and hoping that I am wrong about the death spiral. I think there are smarter people than me that can craft something that will stem this tide. I am all ears at this point.
I am hardly a pinko-liberal and the idea of the goverment having to get involved in this mess sickens me to my core. This bill sucked a big one, but the "New Deal 2" that we may have to pay for will suck even worse. In the meantime, I am very much afraid that a lot of people who have never owned a share of Lehman Brothers, or never defaulted on a loan, or never maxed out a credit card are going to be seriously hurting soon.
And the name-calling and hair-pulling in Congress after the vote is nauseating.
You asked......
