First, here is the website that I got my information from: http://www.nytimes.com/2008/09/21/business/21qanda.html?ref=business
I think the bailout plan is a difficult thing for the American people to think about because it is a necessary but completely unpleasant decision.
Here is a problem created by big business and rich, risk-taking citizens, not the middle class. Had banks been more cautious and certain investors less reckless, we might not find ourselves in this position. Here we are, though, teetering on the edge of economic downfall because of miscalculated decisions – and the average taxpayers are whom America is depending on for its rescue. It’s only natural that people feel cheated, even furious – but is there anything we can do? Though 700 billion is an enormous amount of money, we may just need to wince and get on with our lives. After all, if major mortgage and banking companies are forced to close down, the American economy might face a downfall rivaled by the Great Depression, and no one wants that. The only problem is that no one knows for sure what the consequences of doing nothing would be. Though America could have an economic disaster, there is a chance nothing could happen at all. 700 billion is a lot of money to pay on a prediction, and it will weigh heavily on taxpayers’ wallets, which is why it is such a controversial bill. However, in this case, it may be better to assume the worst would happen and pass the bill. Having less money every month is still preferable to not having any at all.
Emily, I understand your beliefs and all. But, when you say, “though America could have an economic disaster, there is a chance nothing could happen at all.” How can “nothing” follow when “if” America suffers an economic disaster? Just curious…. that’s all. I mean, once there’s an economic disaster, of course that’s it for us… nothing else. But, thinking about how much money that are going around in the whole world… Japan has some pretty high numbers over there about some hundred thousands? almost to a million… and China has almost to a billion. And both of these countries are about to face what we’re about to face, but for them it might have to go couple years or so to be in a seat we’re sitting now. I just want to hear your comments and your explanations. During weekends I check the economy and the current news in Korea and things that always shows up in the first few pages are always about this conflict.
Yeah of course it’s not happening now, don’t get me wrong I’m not panicking or trying to get you guys to panick, this is an assignment and also it’s not small or big conflict, it’s like in the middle and it goes down and up as it is now. But, when it blows up, do you really think nothing’s going to happen? Can you come back on that one sometime when you have time? I just want to hear how you feel and why you said that, why you chose that way. Thanks.
Comment by Steve — October 13, 2008 @ 9:39 pm