Archive for September, 2008

A Fair Solution

Alright, it’s time for me to weigh in on the financial crisis that has crippled America. It seems everyone on Wall Street and on Capital Hill has a solution to the problem, so why don’t I go ahead and offer mine.

As we all know, this is the one of the worst financial crisis to ever hit our country. Truth is, if we don’t fix it the right way it will be the worst crisis we have ever faced. It only took a few years for us to find ourselves facing a credit crunch like no other. Wall Street Investment Banks and Lending Institutions decided to risk too much and lend too much to folks who couldn’t afford to pay it back.

I know I make it sound like it was pretty simple to get into this mess, but I do that on purpose. It was a simple tactic by greedy mortgage brokers who wanted to collect their fees and collect as many as fast as possible; so they could get rich on the backs of the American people. Then the next step in the demise was our banks and brokerage firms buying up all these mortgages so they could have a piece of the pie. Problem is, these financial institutions didn’t take the time to investigate the quality of the paper they were buying.

All I can say is that I am in utter amazement that the people on Wall Street that so many of us trusted to invest our own money were so careless with their own! The fact is, there were individuals collecting enormous paychecks while being asleep at the wheel. It was pure unadulterated greed that ruled the day instead of common sense. Everyone wants to lay some blame here, so I’ll go ahead and do that by saying I blame Wall Street. Simply put, individuals who have spent decades running these companies who’s experience should have proven they knew better just ignored all they had learned over the years.

While I could go on forever about the intricacies of how we got where we are today, most of you already know. Now it’s time for me to get into the solution to this colossal financial destruction. Let me first be very clear that I do not support a government bailout and despise corporate welfare! However, I have resolved myself that doing something is better than doing nothing given the current situation.

I was thinking to myself the other day how much I hate writing that check every month to pay my student loans. Then I think to myself that it was worth borrowing the money at the time to get that degree–the one thing in my life that no one can ever take away from me. It was then that I thought, there should be no government bailout. If this money is truly needed to stabilize our economy, then lets make these companies pay the federal government back just like all of us students have to pay it back for getting our degrees. I say lets set up a fund that these company’s can access to save their butts and then make them pay it back. Without getting into too much detail, I’ll go with Congress giving companies like AIG the money they need to keep the doors open, but I can’t support a hand-out!

Nathan Taylor

Sunday, September 28th, 2008 Government No Comments
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