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Bailout bluesPosted Friday, September 26, 2008, at 3:13 PM
As much as I do my best to watch business news as little as possible, here lately it's captured my attention just as it has many of you. And what I see is scary.
Watching different banks fail every day of the week and seeing the panic in the entire financial sector could be the beginning of some scary times.
Through this entire mess, Pres. Bush kept saying this was just a bump in the road and would pass, but this week when he came out on television and told the nation that we were on the brink of economic disaster, that really hit home. Typically, these things are downplayed and spun to sound positive and thats why its so rare for them to just come out and say 'uh-oh'.
However, I'm not sure this $700 billion bailout is the answer. The idea of bailing out these lenders and banks that made these ridiculous loans and took a gamble makes me sick. They certainly wouldn't pay off my gambling debts and that's exactly what's going on.
I understand something has to happen, but it's not fair to use the money of the people who have been victims of this predatory lending to bail out the very ones that took the risk.
I'm not saying the people doing the borrowing don't hold fault because they do, but if you're not going to bail the taxpayers out then you shouldn't take more money from them to bail out the banks.
They are saying on television that we will have a bailout plan by midnight so stay tuned.
Well, I think I'm done with my rant now. What do you think??
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Corey Noles, staff writer for The Daily Statesman and Editor of The North Stoddard Countian, is the author of a regular baseball/St. Louis Cardinals column and also uses his blog to sound off on various happenings in sports. He also operates a weekly baseball mailbag column.
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