Pass the $700 Billion Rescue Plan Now! (10/2/08)
Many people simply don't understand what's going on with this $700 billion dollar bailout so they are against it. I believe it is critical; critical that it be approved by Congress immediately.
Without this rescue plan, the stock market will plummet. We got just a taste of that on Monday. That will affect every person in this country. It will severely damage and possibly wipe out your 401k retirement savings and many of us simply will be unable to retire.
Without this rescue plan, credit will dry up immediately in this country. You will not be able to buy a car or a washing machine unless you can pay cash. Within a few weeks and maybe even days your credit cards simply will not work. Widespread panic will spring from that.
Without the rescue plan, this will very quickly become a much different country than the one we grew up in.
There is one very important point to make here: The bailout is not a gift from the tax payers to Wall Street. The plan is to have the government purchase the assets of these troubled banks, eventually sell those assets off when the market becomes healthier, and then return the money to the U.S. Treasury.
Many people should be punished for their greed on Wall Street and that time will come soon enough. But now we must stabilize the economy before irreversible damage is done.
I'm Bill Lamb and that's my...Point of View.