2008 Woodie Awards
Can I have some money, mommy?
Stephanie Jevtic
Issue date: 10/6/08 Section: Opinions
When you want something and one parent says "no," you always go to the other who will say "yes." Well, last week the House of Representatives and the Senate were Mommy and Daddy to the financial markets. The House said "No" and the Senate was the softy, but the bailout bill has a ways to go. Like a child, the finance world is anxious; Americans see their behavior as that of an obnoxious spoiled brat.
Sen. Jeff Merkley (D-Ore.) is opposed. He swiftly issued a statement last Wednesday night condemning the bill: "I believe it is just wrong to spend $700 billion of taxpayer money to bail out the very Wall Street financiers who created this crisis," he said ("Senate Vote Gives Bailout Plan New Life," Wall Street Journal, Oct. 1).
Those who were disappointed with the bill's rejection were businessmen, trade groups, and those who would be getting the bail money.
Paul Krugman, Princeton University economics professor, bestselling author and New York Times writer said, "We need Better government" ("Real Time with Bill Maher," Sept. 19).
So the little kid meanwhile still needs money. How would you try to get money out of your parents? Nagging, whining, doing chores to earn it or get your friends to vouch for you are options.
By reading and watching the various news sources there is no one who can tell what is going to happen to the economy, but everyone has an opinion on how to fix it. The liberals and conservatives want to help the financial market, but the economy is not just for the rich. Does bailing out millionaires make sense? Tax dollars have been going to the most ridiculous needs, like the war overseas, why are tax payers still have to pay? It seems the kid is up milking us for all we've got.
Oh, but the kid is our future.
The incentive that the bailout bill touts is a 10-year $150.5 billion worth of tax cuts for citizens. An example is $18 billion in clean-energy incentives to allow businesses to provide benefits to employees who commute to work by bicycle. What started out as less than three pages, the bailout bill has grown to over 400 pages, lending the Treasury Department $700 billion to buy up tainted mortgages, securities and other financial instruments that have weakened Wall Street. However, the bill would permit the FDIC to request unlimited amounts to cover losses related to the higher limits.
Sen. Jeff Merkley (D-Ore.) is opposed. He swiftly issued a statement last Wednesday night condemning the bill: "I believe it is just wrong to spend $700 billion of taxpayer money to bail out the very Wall Street financiers who created this crisis," he said ("Senate Vote Gives Bailout Plan New Life," Wall Street Journal, Oct. 1).
Those who were disappointed with the bill's rejection were businessmen, trade groups, and those who would be getting the bail money.
Paul Krugman, Princeton University economics professor, bestselling author and New York Times writer said, "We need Better government" ("Real Time with Bill Maher," Sept. 19).
So the little kid meanwhile still needs money. How would you try to get money out of your parents? Nagging, whining, doing chores to earn it or get your friends to vouch for you are options.
By reading and watching the various news sources there is no one who can tell what is going to happen to the economy, but everyone has an opinion on how to fix it. The liberals and conservatives want to help the financial market, but the economy is not just for the rich. Does bailing out millionaires make sense? Tax dollars have been going to the most ridiculous needs, like the war overseas, why are tax payers still have to pay? It seems the kid is up milking us for all we've got.
Oh, but the kid is our future.
The incentive that the bailout bill touts is a 10-year $150.5 billion worth of tax cuts for citizens. An example is $18 billion in clean-energy incentives to allow businesses to provide benefits to employees who commute to work by bicycle. What started out as less than three pages, the bailout bill has grown to over 400 pages, lending the Treasury Department $700 billion to buy up tainted mortgages, securities and other financial instruments that have weakened Wall Street. However, the bill would permit the FDIC to request unlimited amounts to cover losses related to the higher limits.
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