“The sky is falling, the sky is falling!”
Chicken littles’ famous quip says it best on the current economic problems facing America. Wall Street has fallen, gas is sky high, and the dollar is almost worthless.
So what to do now? Washington has the answer as they attempted to come swooping in for the rescue and pass legislation that will have them bail out Wall Street with taxpayer money. Luckily, the House Republicans are saying no, for now.
But really, is this needed? Is it even a good idea?
The answers are resounding no’s. Wall Street and the New York Stock Exchange are merely gauges of economic activity of the American public, and the current consumer simply isn’t buying what is being sold.
The fact that institutions like Fannie Mae and Freddie Mac started doling out sub-prime mortgages to lower income families didn’t help either.
There is a way to fix this situation, and the legislative branch and the American people can help equally.
First, the government needs to hold the CEOs and stock brokers accountable for their inept business decisions. Second, that same government needs to somehow increase the value of the dollar, maybe by taking some money off the market. Third, the government needs to decrease the price of oil by achieving energy independence from OPEC and investing in renewable energy sources.
In turn, the American people need to start buying. If they start buying the products that have flooded the market, stocks will go up. For them to buy, they need jobs, which the government can supply buy stopping the outsourcing and getting control of the illegal immigration problem, as well as starting another ‘New Deal’ program, the same that was utilized during the Great Depression. Then, with jobs, people can buy homes (with smart interests rates) and this will get the housing market back to stability and Wall Street will recover.
Okay, so maybe that is extremely ridiculous, but so is this bill.
This bill just screams socialism by giving government that much power. It also avoids the real problem; Wall Street Reform. Congress needs to reform Wall Street by setting regulations, ethics, and sourcing out the main cause of this problem, greed; not give nearly a trillion dollars the corporations that got us into this mess, only for them to make the same doltish decision.
A bigger head-scratcher is where would the $700 billion coming from? Last I checked we had accumulated a multi-trillion dollar debt, while holding onto tax cuts and continuing two war fronts. Under this plan, Americans would be taxed under a system that even its “creators”—Treasury Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke—aren’t even sure if the taxpayers will see a decent percentage return on the bailout.
Another issue to wonder about is why they are taking off Rashashanna till next Thursday with our country facing such dire straights? Where is separation of church and state? Now is not the time to take a holiday when we face possibly the biggest crisis to face this country since the Great Depression.
Maybe Chicken Little was right.
“The sky is falling, the sky is falling!” 
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