Do you think the Bail out BIll was a good thing?

United States
October 21, 2008 9:25am CST
I have heard a lot of talk about the bail out bill. Why are bailing the banks? Why not the American people? May be someone can shed some light for me and correct me if I am wrong. I banks were going going under because the people could not pay their bills. So give them money so the can keep coming after the Americans for the money that is owned to them. Why did we give the banks money? would it not have been better to give the money to the people so we can pay our bills? Wouldn't that make everyone happy and the banks still get the money right? Could that money have not been split up amongst those who need it to pay the banks and credit service? I think that was just a teporary fix. Does capitol hill look at the big picture and what causes the problems or do the just try to fix the problems short term so they can keep their job?
2 responses
@xParanoiax (6987)
• United States
21 Oct 08
No, I don't think it was a good thing. WHY its being done, is anyone's guess. But it is rewarding bad behavior, and it won't do a lick of good. Sure, less banks will crash. But the banks were crashing because they helped contribute to a growing problem which was strangling the people. Saving the banks does nothing to even scratch the problem...so... Blegh. BTW, while giving money to the people would help them a little...it still doesn't fix the problem. It's like giving a blood transfusion to a patiant with internal bleeding. Temporary. Mind you, I'd settle for temporary versus the bad idea that was the bail out bill. But the thing now is, the problem's evolving and becoming even MORE complicated. Are they looking at the big picture or trying to fix things short term? Well the first one definitely not, and for the second thing, well...they may've tried, but they failed.
• United States
21 Oct 08
Well put. I never wanted the thing to go through. I am not sure what they are doing to this country but it is not good.
• United States
21 Oct 08
giving the banks money was wrong, but giving the people more money is also wrong, You see, we have been tought by way of credit and loans, that we can live outside our means, I heard somewhere that last year, americans as a whole, spent more than they made. now THAT should be an eye opener, If we ALL learned to live inside our means, and figured out what a neccesity really is, (seriously, it would scare you to learn that my mom believes toilet paper isnt a neccesity, but she makes a very high effort to have it XD Which I'm VERY VERY VERY grateful for XD) and a lot of the things we could do to boost home income for survival in case of an economic depression (like the one we are about to go into) zoning laws would prevent most people in the city from owning farm animals like chickens, and laws from the FDA wouldnt allow us to sell breads and such we baked, this limits our ability to survive without getting a real job because when times get tough, food is going to be one of the few things people still spend money on. (I guess that went beyond your question though, so back to the point XD) Americans need to start living inside their means and ONLY go into debt for things such as a home, and we need to lower the bar again as to "what you can afford" as in banks need to stop tricking you about what you can afford (which is essentially what Fannie and Freddie were doing, to help increase the housing boom...which is now not so good XD lol) and start being realistic, if its your first home ITS NOT GOING TO BE YOUR DREAM HOME!. and we need more americans to figure it out, but we instantly figure that money isnt going to be an issue for us, I mean hey, our parents afforded a nice home... thing is before the major credit worries, a lot of them were working their lives off to EARN that home. we expect to get what we dont have coming. and that is the major problem. americans need to remember we need to EARN what we get... not just to stick it all on credit. because credit and loans are what got us into this mess.
• United States
21 Oct 08
I agree with you. I had lived buying what I could not afford. I spent years getting out of debt. My husband and I have what we can afford. I saved for my van and children. I even saved for college. The thing is, we still are living paycheck to paycheck. The help has to come from somewhere. Maybe if we do away with credit all together. Give the people the money and make credit card illegal. That way people can not buy what they can't afford. Allow credit for houses and vehicles only. that will help a bit.