What is going on with the Bailout Plan?

Found this article on the Bailout Plan:

What Did Bush&Co Know And When Did They Know It?

Some Quotes (parenthetic comments mine):

“Economic Shock and Awe: as Arianna put it,(see second link below for quotes), indeed. In another parallel to the planning of the Iraq War, there is this curious answer given by Deputy White House Press Secretary Fratto
at the end of The Bush Administration’s September 23rd Briefing (see first link below for quote) that has me wondering just how long ago did the Bush Administration know this crisis was coming?  And if it was a long time ago, why didn’t they stop it then?”

Press Gaggle Via Conference Call with Deputy Press Secretary Tony Fratto on the Economy

“…this was not a program that was conceived of or put together hastily.  There was an enormous amount of analysis and debate and discussion before we came forward with this program. I think we have anticipated a lot of the questions that members of Congress would naturally have about taking this step, but we have had — some of the policy staff have had months to think about what a program like this would be like and how it would work.”

Commentary from original Op Ed News article:

“When you are governing a country, you address problems when you first think they might occur and fix them before they become full blown disasters.

But when, in actuality, you want to do something that will not benefit the country… but, instead, will benefit your friend and associates…then you purposefully let a problem fester until it becomes an emergency that allows you to propose the “only measure” that will work… one that benefits you and your friends.

Now, I do NOT know that the Bush Administration has been secretly plotting to wreck the US economy by letting this problem become as huge as it is. I do NOT know that they waited this long so that their friends on Wall Street wouldn’t have to pay for the party they’ve been having for the last 8 years.

All that I have is the words of Mr. Fratto. I know that – if I had been governing rather than plotting and scheming – I would have brought members of Congress into the process of developing a solution months ago… when my “policy staff” first started working on one… not a week ago with all sorts of “do this now or the world will come to an end” talk.

But that’s just me. I was once a program manager with the Army Corps of Engineers. And if I knew there was a problem, I let people know about it right away. I didn’t let it turn into an emergency if that was at all possible.”

It seems that some Lawmakers are Fighting for the People:

Arianna Huffington: The Bailout Plan: Welcome to Economic Shock and Awe

Some Quotes:

“Remember a few years ago when lawmaker after lawmaker — mostly Democrats, but a few Republicans — said of Iraq, “If I’d known then what I know now, I’d have voted differently.”

Well, this time at least some lawmakers — mostly Democrats, but a
few Republicans — are not being so easily bamboozled. Congressional Democrats, led by Chris Dodd in the Senate and Barney Frank in the House, have put forth proposals doing away with the Paulson’s demand for unprecedented authoritarian power and adding a requirement that the government do more to help troubled borrowers refinance their mortgages.

Let’s hope Democratic resolve holds up against the inevitable charges by the Bush administration that demands for oversight, limits on executive compensation, profit sharing for taxpayers, and aid for struggling homeowners will lead to an economic Armageddon.

There is no question that the need to address this crisis is urgent and that the issues involved are complex. But urgency and complexity cannot be allowed to become excuses for lawmakers, the media, and the public to throw up their hands and allow themselves to be bull-rushed into disastrous public policy.”

Since these companies need to be bailed out for the good of the economy, the bailout is for the sake of the people.  And, I would think that if we the taxpayers are the ones paying for the bailout, we would own that company.  We, the taxpayers, should then have the authority to fire all the management that ran the company into the ground and we, the taxpayers, should also reap any profits the company makes in the future.

After all, are we not in a Capitalist economy?  To me, that means that if a company fails, and we bail them out, the previous owners forfeit their ownership.  Because if we did not bail them out, there would not even be a company to own.

We need to quit rewarding the criminals and paying for their crimes.  In a truly free market, the ones who fail do not get rewarded!

Apparently, we live in a country where people have forgotten what personal responsibility means.

Here are two other posts relating to personal responsibility.

No Wonder We Don’t Know Anything About Personal Responsibility

What Has Happened to Personal Responsibility

Edit:  Found this most excellent article and wanted to add it to this topic:

US Taxpayers are being enrolled in an economic chain gang

Some important quotes:

“To preserve their [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude” – Thomas Jefferson

“Jefferson, America’s third president (1801-09), is widely regarded as the White House’s most intellectually gifted occupant. He believed that “banking institutions are more dangerous to our liberties than standing armies”, and that “the principle of spending money to be paid by posterity … is but swindling futurity on a large scale.”

“No wonder so many Congressmen look queasy. They must persuade constituents, many of whom are losing jobs and homes in the credit crunch, that it is a bright idea to rescue those who profited hugely from the creation of dark instruments. Not for the first time, Wall Street is bilking Main Street.”

I encourage you to read the entire article.

And this guy really knows how to use critical thinking!  You gotta ask the questions.  Try this article:

Game Theory: Playing Craps with Your Life, or: Some Poor Schnook with a Blog versus…Krugman!

Excerpt:

“And if you keep your critical thinking cap on, the questions about the opening paragraphs in Krugman’s column are endless (and they are not answered in the balance of the column). “Doing nothing isn’t a serious option.” I can argue that way: “Doing something — Krugman’s own word — isn’t serious.” But, insists Krugman, doing “something” is “the grown-up thing to do.”

This isn’t arguing when I do it or when Krugman does it. It’s name-calling and intimidation — and it’s substituting name-calling and intimidation for making your case. What exactly are the consequences of doing nothing? Who would feel those consequences, in what form, and when? How do you know those will be the consequences?

And: what will be the consequences of doing “something” — especially when that “something” involves adding an unfathomable amount of debt to the already monumental national debt? Won’t that have many dire consequences that will be felt by all Americans? How do the consequences of doing this particular “something” compare to the consequences of doing nothing? Which is likely to be worse? How do you know that?”