Monday, September 29, 2008

I dont support the bailout.

The bailout? Golden parachutes? All this hullalbaloo makes me happy that I am not of this world but that I store my treasure in heaven, where it is safe and unperishable.


But Bono is so right when he said:
“It is extraordinary to me that you can find $700 billion to save Wall Street and the entire G8 can’t find $25 billion to save 25,000 children who die every day of preventable treatable disease and hunger,” the U2 lead singer told Clinton’s fourth annual philanthropic summit in New York. “That’s mad, that is mad. Bankruptcy is a serious business and we all know people who have lost their jobs,” Bono said, "but this is moral bankruptcy.”

Way to be.

7 comments:

Pooba~ said...

I just wrote this yesterday...

700 billion dollar bailout …. where was THAT $$$ when we needed education reform, health assistance for the elderly and homeless, medical assistance for our vets????

Why not take care of those that have put the $$$ IN and not those that have manipulated the financial arena - it’s gonna be tough for us…

…But we’ve been held down and stepped on for so long… will we even notice it????

Steve said...

I agree Sarah... though people argue that to not bail them out means trillions in loss in the form of a devalued market, and if that's true maybe it's worth it, but I have my doubts.

But I do take issue with Bono somewhat. He's comparing apples to oranges. If indeed a bailout would prevent financial collapse (and that's a big if), it's justifiable in that so much worldwide depends on the American economy. In other words, to not bail out would result in a lot more than starving children.

My biggest fear of a bailout is twofold: It means the big players are spared form facing their own consequences, and it has the potential to socialize free markets. Certainly capitalism has its negatives, but to castrate it is not the answer.

Not that I even understand what is going on...

Steve said...

Another random thought...

I think it's a bit simplistic to think that simply spending money would solve all the world's problems. I hope LBJ's Great Society taught us that.

Maybe that's not what Bono meant... hopefully he would see that money used as a tool in conjunction with a lot of human capital and long-term investment of human resources is a much more viable model.

Teach a person to fish, you know? I mean, give him a fish now to prevent starvation, and maybe a fishing pole and a good lake, but invest rather than spend...

Simon said...

I agree with you about the "bailout". I feel that giving corporations $700 bn of money that the government doesn't have is just shifting the problem and delaying the inevitable. To me it is like paying off bills with a credit card. It also reduces the punishment to these companies for causing this crisis in the first place.

Though for many including me, this is the only life I will ever get so I hope this crisis gets better in the best way possible - by companies (and people) making better financial decisions and realising that living within their means is a better way to be.

Aaron said...

Sarah,
My good friend Dave said he met you the other day! That is exciting! It is crazy how we can connect through this blog (and others) and almost feel like we know each other.

I look forward to the day we cross paths as well.


Steve,
I agree with you but I think you have heard Perkins say...

Not only do you teach a man to fish but you have to ask who owns the pond and who is building a wall around it and who is polluting it, etc.

I think that is fitting here considering those who "own" are getting bailed out while still building up wall around the pond that say "do not trespass."

Wow! I really went overboard on that analogy. Sorry I just took it and ran with it. :)

Steve said...

I love it.. living within our means. Imagine that!

Aaron said...

Come back to us Sarah! Things aren't the same in cyber space.


Post soon so we can know how you are doing?