Should We Bail Out Wall Street?

So, unless you've been living under a rock you'll know that the Bush administration is asking for $700 billion to bailout Wall Street.

The need is urgent as "the entire economy is in danger", said President Bush in his address to the nation today. Congress, on the other hand, is in no mood to be hurried along (Rep. Mike Pence of Indiana - a Republican, actually - has the best quote so far on this. He said:

"I must tell you, there are those in the public debate who have said that we must act now. The last time I heard that, I was on a used-car lot ... The truth is, every time somebody tells you that you've got to do the deal right now, it usually means they're going to get the better part of the deal." (Source)

I'd like to ask you, dear Neatorama readers, a simple question: Should we bailout Wall Street? Why or why not?

[poll=8]

Photo: A demonstrator holds up a "Fail" sign behind US Treasury Secretary Henry Paulson and Fed Reserve Chairman Ben Bernanke during a Senate hearing. (Chip Somodevilla / Getty, via The Denver Post)


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Why are we bailing out these rich white guys when we could bailout all the homeless people instead? Why should we help the rich guys, who can suffer a little bit, and not the poor people who are in a greater need of help?
The thing about the bailout I don’t understand is, why we would use our taxpayers money to bailout others due to there stupid mistakes. Why the bank allowed the economy to be in such a crisis and let people take out numerous loans that they couldn’t pay off. It is like they expect us to save them from failure. I personally think that the bailout may save us from a lot of hard ship in the future, but is it worth risking the average Americans hard work to do it? I think that the plan seems like a good one, but I am not so sure if people are also thinking about the future and its long term effects that may happen. I have very mixed opinions about the whole thing but based off what I have learned and read so far, I think that the bailout is outrageously stupid. I know that if we don’t do something people will lose everything. I just think that we need to create a better solution that is fair to everyone. So my overall opinion is that we should think about the futuristic outcomes of the bailout and any other options that would be more effective and fair to everyone, rich or poor.
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When they have taken all of our money away, then can we Eat The Rich?

This "bailout" would take $3,500 in money or (overpriced) services from each working American for an unelected official to arbitrarily buy up loans that should never have been made, were often fraudulently made, and are essentially worthless assets of greedy bankers and Wall Street powerwhores. These very same entities insist upon strategies to zero their tax liability, many are overseas, and none of them support "windfall taxes".

If the "bailout" goes forward it will be the single largest act of THEFT from the people of any nation. It socializes risk yet privatizes profit. It will mark the Fall of our Republic and the beginning of a Fascist (merger of corporate and state power) Amerika.
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Ayn Rand, Atlas Shrugged, she saw this comming... As was said above, the majority of the entities regulating the market and our money, are not voted in by the people... When this country was founded we produced products, all we have now are polliticians... Maybe if the people vote down this 'bail out', the non-producers will be left behind... If you believe in honest pay for honest work, vote no to the bail out! Speak up people, we are being herded in the wrong direction...
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@ an outsider
yours is the only line of thought so far that makes the bailout sound compelling to me...
I confess (like others have) that I don't understand things well enough to truly 'get it'. But it still just plain makes me mad to think about it... and- I can only speak for myself, but I actually happen to be an American who has never lived beyond my means, has never over-extended on credit, has kept things under control (that's the way Dad and Mom brought us up and we all live like that, incidentally). So, I do feel justifiably angry over this situation...
The recent news that WaMu's 17-day CEO Alan H Fishman is eligible for $19.1 million in compensation is galling, to say the least. One could hope he has enough decency in him to refuse it... but he would hardly be where he is if he did, would he? The whole thing makes me sick... and I think we have a right to feel this way.
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Reasons for Not Bailing Out Wall Street

1. Reduce illegal immigration. Who'd want to come 1000 miles to struggle when they can do it at home.

2. Reduce the level of decadence. Who'll pay $40,000 for box seats at hockey games, who'll pay $200 a month for phone sex, who'll buy designer jeans for $300, who'll be able to afford a BMW for their high school kid?

3. Reduce the terrorist threat. When the evil empire becomes the feeble empire, it takes the fun out of the rhetoric. Also see decadence.

4. Reduce our dependence on foreign oil. We will actually have to change our consumption patterns. Besides, we won't be going anywhere far from home.

5. Reduce the risk of war over far away places and over false causes. It is hard to send an army into battle When there is no money to buy bullets.

6. Shrink government at all levels. When there is no tax to be collected, they'll have to do what they now do not want to do.

7. Strengthen labor unions and re-create the neccessary tension between labor and management

8. Resurrect political parties with clear, opposing philosophies to replace the two parties which are complicitly seeking the same re-election contributions

9. Prove capitalism to be as false a god as communism. Time we recognize that balance and moderation is good for personal and national health.

10. Create another generation of Americans who are self sufficient, value hard work and save(like the Depression kids)
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