To regulate or not to regulate?…that is the queston. One side of this economic crisis says there were not enough regulations in place to keep this greed-fed fiasco from blowing up. The other side says little known regulations, starting as far back as 1977, pushed for more subprime lending. The CRA (Community Reinvestment Act) actually required a certain level of this dangerous lending. So their argument is that too many poorly designed regulations caused this mess.
Thoughts on this or other issues?
At least the House Republicans made a stand and rejected the 700 billion
bailout bill,along with 93 democrats.
Because of it the soon to be revised bill will be a much better bill for the average taxpayer to agree to.
Thank God, these congressmen have to run every two years to keep their seats.It makes them more accountable to the people, than a senator who only has to run every six years or a president who runs every four years.
I’d like to see senators having to run every four years.
Comment by kageman — September 30, 2008 @ 2:04 pm
Kageman, I’ve heard Steve Wynn, extremely successful Las Vegas businessman, Donald Trump and a Harvard Economist all agree that the bailout plan would have been a terrible deal. They all say there are better ways to solve this problem, and that the government should not own the “bad paper”.
Comment by mary — September 30, 2008 @ 7:17 pm
Here’s one for you: $150,000 Giant Dominos:
The rub? City government paid for the sculpture despite being in a budget crunch and cutting other basic services.
Sayeth Mark Wallace of the Boscombe [UK] TaxPayers Alliance, “This is tax-payers’ money and it could have been used to reduce the tax burden.” See? The UK gets it. Maybe North Idaho will soon?
Comment by Dan — October 2, 2008 @ 7:03 am