Wall Street May Snub Bailout

[ysabetwordsmith]

O ... kaaayyy ...

I would be perfectly happy to see Wall Street refuse to participate. It would save money, and maybe they'd learn some valuable lessons.

Also this description is amusing.

Comments

[jl-johnson.livejournal.com]

Oprah had on two analysts to try and explain the whole meltdown, and from what I understood, the bailout would ensure the banks could lend out money to business to keep them running ie pay employee's, materials and such.

But from this article, it looks as thought Wall Street would rather see business's go under, which would put people out of a job, which in turn would stop money going into the economy. Just having the government say they're going to do something isn't enough to get things moving. The banks need money. And these people may refuse because they don't like the idea they have to be held accountable for their actions???

Banks all ove the world are in financial trouble because of these people, and personally, I think they should be left to meltdown, if it wasn't for the fact that so many people would be out of a job if that happened. If people aren't working, they're not putting money into the economy.

[ysabetwordsmith.livejournal.com]

Bankruptcy: It's Not a Bug, It's a Feature!

Remember that this kind of calamity is a standard design feature in capitalism. Businesses that handle their money badly are supposed to fail and collapse. It's a necessary part of the system. If people don't like that, they should've picked a different economic system, or at least modified this one to buffer the peaks and valleys. They don't do that because capitalism allows some people to rack up lots of wealth, which they like; and because they've got it in their heads that capitalism is better than any other system, and darn the consequences.

The whole system won't cease functioning because of this. It will just settle down to a lower level of processing for a while. Eventually it will go up again, after some months or years of unpleasantness.

I don't particularly approve of this foolery, but it's fairly easy to see and not within my personal power to change.

[webulite.livejournal.com]

Hey Liz

Hope that is ok, I can't seem to see any catchy thing from your nick other than "Hey Word Smith", so let me know which you prefer.

I wonder if there is a web site that will enable you to see a list of firms that Paulson/Treasury buy assets from, and how much they buy. If you find such a site, let me know.

BTW, your user image reminds me of a sort of newer/updated version of the girl with glasses on the old Scooby Doo cartoons, Daphne (thanks wikipedia). Yet the tilt of the head or the mischievous twinkle in the eye makes me think of a reporter, out looking for an interesting story.

Cheers! Ricco