October 2, 2008

Bailout is the Wrong Strategy

I am disappointed but not overly surprised that Barack Obama has decided to support the likely bailout of Wall Street. I do believe that some sort of government intervention is needed, but I would like to see a bottom-up approach that helps homeowners pay their mortgages rather than the top-down approach being pushed so far which simply pours taxpayer money into the financial sector. The current plan is simply unacceptable.

What may be even worse is that it now appears those in Congress who support the bailout have loaded it with pork to convince the Republicans to come along. They have even added corporate tax breaks. This is simply disgraceful!

Our leaders need to let Wall Street bail themselves out. Nobody knows whether the proposed bailout is going to work, and it has one heck of a price tag.

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