Monday, September 29, 2008
Being For or Against the Bailout
Initially, I thought the bailout was absolutely necessary. (I had not known at the time the amount requested or that the document presented to Congress consisted of merely three pages and gave absolute power to Secretary Paulson.) I have not changed my mind. While there is oversight in this bill to include both Republicans and Democrats, I do wonder of the necessity of the measures taken to ensure that this kind of thing never happens again. (I cringe as I write this, remembering the SNL scandal. In comparison this scandal appears to have been the tremor before the big one. Was there reform after the SNL scandal?) I also wonder if Wall Street malfeasance got us here, coupled with that of many Americans who did not fulfill their obligations and may not even know to this very day who holds their mortgage. Is there something in this bailout bill that reforms regulation policies and prosecutes those on Wall Street who may have committed malfeasance and bar them from every doing business in securities again?