I understand that if the government does not do anything about the current financial situation, that things could really look bad; high unemployment, closure of businesses, basically a situation close to what was seen early in the century. Now that 700 billion (and I could not imagine 80 billion in my previous post)is being proposed to rescue and bail out financial firms on Wall Street, I wonder: Are some of these benefits going to "trickle down" to me, to you or your neighbors, and or relatives? Is their mortgage going to be lower in interest? or at least revised to allow for more realistic payments?
I also understand that a lot of regular working people got greedy and thought that by taking on two loans or buying a home that was out of their "budget" was a bit of a stretch and this combination of greed between the little people and those holding the purse strings is what has us in this mess.
So who are we really bailing out here?
I am not sure that anyone has the answer.
Our "fine" Senators are looking really like they are for the people as they give a tongue lashing to Paulson and Bernanke during this morning's Senate banking committee hearing. These same Senators however, are the ones that have the power to regulate, control, pass legislation and in essence police Wall Street. These same Senators have probably rubbed elbows at some point with all the Wall Street big wigs and intervened on their behalf to help or obstruct legislation that will benefit both.
So again, who is at fault in all this mess? It seems that we all have a certain degree of fault and maybe that is why we should all be "bailed out". Instead, and according to Senator Enzi, who is part of the committee, each tax paying American will be "contributing" $2300.00 to bail out Wall Street.
I can tell you this is not end of this fiasco. There is more to come and more to bail out.