I recieved a call to action request late yesterday from the National Association of REALTORS asking that I support the Emergency Bailout. I couldn't do it. It is the first time in memory that I didn't jump at the opportunity. I am asking you not to click the call to action link.
This "emergency" has been going on for about 12 days now. The earth hasn't stopped spinning, the government hasn't ceased to legislate, it will be alright! Sure we're going to tighten up on credit. There will probably be a little less under the Christmas tree this year and you may not be able to continue to live on credit cards and future promises for a while after this period. But it will be alright.
As each day passes and cooler heads prevail this emergency is understood more. Wall Street experts are beginning to come out and denounce the plan.
In an interview with CNBC, Jim Rodgers, CEO of Rodgers Holdings said "History shows these plans don't work. What does work is to let the market clean itself out,"
Retailers have already begun to change their startegy by increasing inventories earlier then planned and reducing prices on select items to entice consumers to buy from their chains. This one example shows how quickly a free market can work. The governmet is still trying to figure this mess out while the private sector is already in action mode. Walmart will make money this year. It will pay its employees, who will buy their consumer goods, and the economy will continue.
Not many of those employees are in fear of losing thousands in the stock market. They already understand hard times and unaffordable housing. They more then likely will be the least affected by this downturn. They are proof that you won't die if you don't have a credit line.
Will it be hard for a short time? YES. Will credit be tougher to obtain? YES. Will we recover faster? YES. Will America and the world economy be better for it when all is done and said. DEFINITELY!
I urge you to write your congressman and senators and say thanks but no thanks to the bailout.
I for one am tired of bailing out the good old boys everytime they screw up. If you didn't know Secretary Of The Treasury Paulson was the CEO of Goldman Sachs. Is there any conflict of interest here? How much pressure is he under to bailout his old buddies. Educate yourself and learn the facts. If passed this bailout will help them more then oit will you.
Thanks for the comments. I hate to say it, but life stinks sometimes. Why is the little guy the only one expected to learn from his mistakes. If the government steps in now, there's no stepping back out.