Billions with a B
Billions of dollars for bailouts...Billions with a "B". It's the lead story on every newscast. I think we've lost sight of how much money $1,000,000,000 really is! We were told that the bailouts were necessary to preserve our economic system. They said we needed to "sure up" the banking industry to prevent a collapse. Then we needed to save AIG...and a few weeks later, lo and behold, AIG needed to be saved again. Now we are considering bailing out the auto industry. Who's next? Exxon/Mobil because the barrel price of oil has dropped so low?
Assistance for homeowner's facing foreclosure has surfaced now. What about people who lost their homes 5 years ago? Or 10? Is there any recourse for them? What assistance is available for people not in danger of losing their home?
The bailout program parameters for homeowner's are ridiculous and will not be helpful to the majority of struggling people. This is just a way for the government to look like they are trying to help the little guy when in fact they will continue to throw good money after bad, bailing out companies that have made pitiful decisions and bad investments.
I don't know what the answer is to this whole mess, but I believe it deserves a more thoughtful approach and much more debate before we, as a nation, incur even more debt without seeing any improvement. Our country is blessed with many brilliant, insightful businesspeople. Why not gather a bunch of them and brain storm? The rushed plans of Henry Paulson and Ben Bernanke (along with other government officials) that needed to be passed within one or two weeks didn't work magic. It's time for plan B. Not plan billion after billion after billion....
Teri Conklin
Manchester Township
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