Re: Why did the public reject the bailout?
by
TheRaven
09/30/2008, 12:08 PM #
The public rejected the bailout because it rewards irresponsible fat-cat wall street bankers for their extreme greed and irresponsibility. It's as simple as that. The government lets the little guy get stomped, lets their mortgage go into foreclosure, but when the extremely rich get in over their heads, the government wants the little guys to chip in at $10K/family to preserve their wealth.
Some pundits (with fat stock portfolios) are running around with their hair on fire screaming that without this bailout the sky will surely fall, but the public isn't convinced, I'm not convinced, and apparently more than half of the House isn't convinced.
The public has called utter bullshit on this one, and the representatives who voted for this measure may find themselves highly unelectable come November.
Last night Ben Stein called for the same $700 billion to be loaned to all the homeowners who cannot make their mortgage payments, instead of the irresponsible bastards at the top of the food chain. See if any of it trickles up!
Personally, I would put a provision in the bailout that mandates life/death sentences to the bankers who got us into this mess in the first place.