Why Not Just Reset the Economy?
I remember a day many many many years ago when I sat in front of my first Atari playing Asteroids or some simple game like that where I got to a point where I was bound to loose with low point and decided. Heck. Let me hit the reset button. And voila. New game and a chance to earn higher points.
Why can’t we do this with our economic woes right now? I mean, can the Economists out there respond to this? Why does it take a Bush Administration funded US$700 BILLION DOLLAR plan to SAVE the banks of the United States of America by basically buying up bad debts from bad deals made by banks that were only thinking of THEIR bottoms lines? I mean Aunt Jenny didn’t buy the house she bought thinking she would someday take down the entire U.S. Economy because the bank decided to hedge her mortgage or worst sell it off to foreign-owned subsidiaries and the like hoping to make quick fast profits that turned out to be bad deals.
Aunt Jenny didn’t count on the economy getting so bad that she’d loose her job and subsequently her house which is now being written off as a bad debt only to be purchased by another bank to try and sell again later for profit, etc., etc,.
Why can’t lawmakers just let companies that make bad business decisions go bankrupt or out of business? I mean, yes, save jobs, etc., I’m all for that, but if a company as big as AIG doesn’t know how to manage it’s finances why should we – the American People – shoulder their burden?
I agree that something needs to be done? But I ask? Why not just let the economy takes its course and let these bad decision makers go belly up? Why not just reset things? Make the bad debts good and move on?
Of course, I’m not looking at all the angles here, but with an agreement being reached and Americans about to be hit with a US$700 BILLION dollar bill, should we even care about all the angles?
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