Bailout

I haven’t written much, if any, on the upcoming $700 Billion bailout plan. It’s not that I don’t care about it, it’s more because I don’t know a lot about it. I’m the first to admit that I’m ignorant when it comes to the economy and economic policies. (However, unlike John McCain, I know that the fundamentals of our economy is not strong). I wish I understood more about the current crisis, but money is simply not my area. I don’t even balance my own checkbook. However, in light of the vote in Congress for the plan, I thought I bring you a dissenting voice from David Sirota, arguing against the plan and providing some pretty interesting alternatives.

As we all know, what we want and what sounds reasonable isn’t always what we get when politicians are involved.

First, the latest from Huffington Post on the bailout plan. It’s not a comprehensive review of it, but you can read the actual plan if you want on Huffington Post (for all you economists and policy buffs). If I ever find a comprehensive review of the plan, i will post it.

Now for David Sirota’s post: Top 5 reasons to vote against Paulson’s $700 Billion Bailout

Ultimately, what do I think? I think the bailout plan, as it is proposed right now, is not the best and David Sirota’s alternatives sounded a lot better. However, the current plan is better than what was originally proposed. The more important question is, will it work?

Do I really think we should bailout Wall Street? I don’t know. However, it’s easy for us to stand here and argue that we should let everything fail. Can you imagine if the consequences were as dire as some have predicted? I don’t think this generation remembers the great depression and I certainly don’t want to experience it first hand.

I would rather that the government takes a more populist approach to the bailout plan, but knowing that it will never happen, I’m leaning just slightly in favor of the plan.