Er... I don't believe that it can be fixed in a week either. In my defense, I don't think I've ever said that. At most, I do think they need to come to a decision within a week or so.
For what it's worth, I believe these hearings are available publically through C-Span.
I know this is a highly contentious issue right now. That's why I was dreading going into it.
As for the best solutions, actually, what cptacek said may be it.... I don't know yet. A lot to digest and grasp.
Still, the bailout program is what's on the table right now. The anger is people who don't want to see fat cat CEOs get a free "get out of jail" card. That's understandable, but perhaps a metaphor will help.
You've got a house on fire in your neighborhood. The fire is getting to a point where it may spread and catch other homes on fire. Homes from good people who has little to nothing to do with what's going on with their neighbors. Sure the house on fire was a run-down meth lab anyway, and the neighbors were drug dealers. Let it burn to the ground.
However, because the blaze has gotten big enough that it could pose a risk to the houses around it, would it be worth putting out this house's fire in order to protect the others? I think so. Even if it means having save the drug dealers and their meth lab house too.
That's how I think of it anyways. For now, we need to contain the fire, not necessarily to save the "Fat Cats", but to make sure those around it are not at risk. We can always hold them accountable later.
Lastly, I think it's worth mentioning that the bailout panel will be a 5 person board that includes I believe Paulson, Bernanke, and 3 others from both sides of the aisle, and even if the money is approved, candidates would still have to be approved by the panel to get any money. So, it's not a free-for-all.
Also, there is a... possibility that we may not even need the full proposed $700B. Even if the legislation for the full amount is passed (which I doubt), that doesn't mean all of it has to be spent. Just as much as it takes to stabilize the neighborhood. So, in that sense, I don't mind Paulson showing up with a 700 ton fire truck. He doesn't have to use everything at his disposal. I just want him to show up with it, just in case, but use only as much as is needed to contain the fire.
Last edited by Broken Arrow : 09-30-2008 at 10:59 AM.
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