So, the "bailout" / "rescue plan" / "insert your term" - got a giant FAIL.
I was against it. I'd rather have the short-term pain of allowing this situation to play out than have my kids and grand kids deal with the long-term consequences of the government's immediate and expensive band aid.
What sense have you made of this white hot mess? What do you want to happen?
Edited to add: Here are some links to things I've read that I could make sense of as I'm attempting to follow this thing.
This addresses the drastic numbers leading up to the Depression compared to the current situation. Makes you feel a Great Depression isn't quite so imminent.
This one is good too, and addresses the credit crisis which I certainly hope we don't talk ourselves into.
A clear article about why this is uncharted territory and really, no one knows what will work best.
There are greedy fat cats who need to be dealt with and are a whole issue unto themselves, this is clearly true. But I don't personally believe Wall Street Greed is the sole cause of this, so I don't see the "recovery plan" as being simply Regular Jane and Joe Taxpayer bailing them out. I think it's pretty much common knowledge that Americans have been living lifestyles far and above their means for at least 10 years, maybe 15 years? We all have heard over and over again about credit card debt, mortgage debt for bigger and bigger homes, and all manner of spending beyond our means. We also had a Congress that encouraged "flexible lending" practices on the belief that every American should own a home. (Well, that is ideal and wonderful, but is that really possible?) Growth in the financial and housing markets covered a multitude of sins, but growth slows and bubbles burst. Now we're all in trouble and we're going to pay for a bailout. Yes, some greedy f*ckers took advantage of all the growth, spending, and debt and they encouraged more of it, but a whole lot more went into this than a bunch of multimillion dollar executive salaries.
So there is plenty of blame to go around, from the Money Whores on the Street, to the Fed and the Treasury, the government, and American consumerist/materialist society. That's my take.
And of course you and I never lived beyond our means. It was everyone else, obviously.
My hope at this point is that we've bought a cooling off period of a few days to think this though a little more and come to a better plan than the "crap sandwich" we were offered yesterday. We need a "recovery plan" but not a knee-jerk, emotional one. It should be as limited as possible to achieve the goal of restoring some stability and confidence. (Like how did car manufacturing get proposed in the last few days? Just like Congress to go dumping every freakin' thing in there.)
READ THIS! This is sad, but I laughed several times. He NAILS THEM ALL in good bipartisan fashion. (btw..."coprophagy" means basically, "eating shit.")