What's Next?

I am sure if you are reading this you already are aware of what took place yesterday. By looking at yesterday's blog title "Witnessing History", we couldn't have been more on the money! After yesterday's Bailout was rejected by the House, we saw our stock market drop 777 points! This is the largest drop we have ever seen in a single day! Not the type of history I want to witness, but history none the less. This is an extremely frustrating topic for me. I by no means am an expert on our economy. As a result of the industry I work in, I feel I have a broader understanding than the average Joe because we follow it daily. Unfortunately I have come to realize that this broad understanding of our financial system is even greater than many of our politicians! Now this is sad, but it is a reality. I have read numerous quotes from congressman that either voted for or against a bailout and many of the quotes are a joke! Quotes like "I think we all want it to pass, but we just don't want to be the one to vote for it!" This type of behavior needs to take a back seat during times like this. This is a big enough problem that political ties need to be set aside. For a politician to try and further their career at this juncture is out of place! This shouldn't be their focus. I completely understand many of the arguments on the pros and cons of such a bailout. Many are valid. However, these are dire times and they call for swift action! You can clearly see what happened in just a few short hours yesterday! What do you think will happen if our system fails even more as a result of no bailout? It could be scary and nobody knows what could come next!
Let me say this, I hate the fact that these large corporations are getting a free pass! They made stupid business decisions and they should pay for them! I wish we really knew how everything would be affected if we just let them fail. However, this is a pretty risky game to play. I think the FED Chief and Treasury Secretary have a bit more knowledge and insight into how everything will go down! Do you think they enjoy this mess under their watch? Do you think they want to stick their neck on the line and be in charge of this bailout? If it works I can imagine they wouldn't mind being the hero who fixed this mess, but I am fairly certain they would give this up to not have the stress of having our entire financial system fail if it doesn't work! Bottom line is that they are very smart and experienced at what they do. I think you, me, and mainly politicians need to open up and listen to these people! If the politicians don't know much about this, unfortunately they are going to have to take their word for it! I know that is scary after all of the funny business that has gone on lately, but suck it up! I could go all day on some of the reasons some congressman are balking at this bill. However, I don't have enough time to write a book. This problem is widespread affecting lending, payroll, you name it! Things are bad. I don't think we want them to get worse! So lets all keep our fingers crossed that some type of compromise can be made on this bailout!

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