Another Open Reply to Accrued Interest
Please READ your feedback, Mr. Accrued Interest!
In short, I don't see much support for TARP in the comments here, among those of us that follow economics closely and/or perhaps even among some working in the financial industry!
- What's wrong with collateral?
- What's wrong with long term financial security for human beings?
- What's wrong with financial sanity?
- What's wrong with an economy where cash (finally, again) is king?
On the contrary, those supporting the bailout simply wish to return to business as usual -- albeit now requiring forced participation on the part of the American taxpayer in Wall Street's high risk matrix -- as the ultimate backstop to secure unjust and irresponsible Wall Street exploitation of the Democratic majority.
While those of use opposing the bailout simply wish to embrace this opportunity to FIX the system, returning it to sanity.
We (the sane) want secured lending. We want less churn and constant trading to attain and sustain financial security. Thus, we want future, greater stability in financial markets. We want American (world) financial systems to work as they did for prior generations, when cash, not leverage, mattered most, when America and the world economy were far less prone to the instability presently inherent in the system, producing bubble after bubble after bubble and crisis after crisis after crisis and now collapse after collapse after collapse. Like Warrent Buffet, many of us wish to return to an economic system wherein we might become rich slowly, through sound lending, borrowing and investing practices!
Thus, the current crisis and potential collapse represents a unique opportunity, not some kind of mean-spirited pyrrhic victory, as our position has been described by the corporate media.
In short, those of us considering ourselves sane simply wish to alter/fix the present economy, presently consisting of two false choices for wage earners and small investors forming the core of the U.S. (consumer-centric) economy:
- spend our wages immediately (and borrow/leverage on top of them) to avoid loss of principal relative to inflation OR
- invest (which today means trade) in insanely risky markets -- only to be exploited by hedge funds and very, very large investors in general -- who generally sell off profit nearly instantaneously.
We simply do not wish to forcibly participate in these schemes, where sound economics has been replaced by gambling and where we can be sure of just one thing: "the house" always wins and we (wage earners and small investors) always lose!
Thus, if, in the process of de-leveraging, as sanity requires, the U.S. and world economy goes "into the tank" for several years or even decades, then so be it, as far as I am personally concerned.
After all, economic collapse, which seems unlikely under virtually any scenario purported by government, financial and media fear mongers, has happened before. Perhaps it should happen again -- if there is any chance for an ultimate outcome redounding in favor of return to economic sanity and stability.
Wall Street's "business as usual" approach has simply failed the vast majority of human beings participating in the world economy today. Therefore business as usual cannot (or at least should not, in rational terms) be allowed to continue.
CASH SHOULD BE KING (again) and money (fiat currency) -- versus 100-to-1 leverage -- should be worth something again -- to allow for a return to traditional saving and real, long term, investing!
Otherwise, what is the point of having a complex, highly structured economy? What is the point of an economy where the vast majority of human beings work for it, but it merely exploits them, for the obvious gain of a statistically tiny (1%) minority -- aka the house -- aka Wall Street?
The answer is: there is no point!
We raising our voices loudly in protest to TARP have chosen to risk the (very unlikely) possibility of economic collapse over forced participation in yet another bailout of Wall Street's status quo, with our own money (taxes), which will only guarantee further diminishment of our (99%) future economic prospects in favor of Wall Street's one percent.
Finally, Wall Street, if you want our money to bail you out, then either give us equity or give us [economic] death!