I am not a politician. Nor am I an economist or a political scientist. I don’t know that I’d even call myself a historian. I’m an aspiring social studies teacher, but that’s about it. As such, I’m always trying to broaden my horizons, learn new things, and get questions answered.
My current question is about this whole $700 billion bailout that just got approved (after much modification). Correct me if I’m wrong, but basically many of the major players in the financial industry handled their businesses at best foolishly, at worst corruptly, resulting in their businesses for all intents and purposes bankrupt. These businesses going out of business would have been devastating to much of the general public because these businesses handled, among other things, home loans and stock market investments. If they had failed, a lot of people would have either been out of a lot of money and / or possibly even their homes. As such, many players at the top level of our government felt this bailout bill was a good idea.
Many did not.
My question is, why not? I mean, I understand the principle: these morons are in the position they’re in because they’re either idiots and / or sleazebags, so why are my tax dollars going to bail them out of the mess they put themselves in? I get that. But when I see how the bill has been modified in order to get passage from the Senate and (after a second try) from the House, I think I see some good things…
* – $150 billion in tax breaks to individuals and businesses
* – increasing bank deposits covered by the FDIC from $100,000 to $250,000
* – increasing mental health coverage
* – incentives for the use of renewable energy sources (part of the aforementioned tax breaks)
* – 7.6 billion in disaster aid
* – relief from the alternative minimum tax
* – aid for schools
* – hell, just the fact that Republicans and Democrats are voting with their own individual damn minds rather than along their party lines is encouraging to me!
Let me emphasize that “I think I see some good things.” I’m not sure. Are these things good, or is my naivete showing through?
Any help would be much appreciated. Thank you.
Oh, and please, folks, let’s play nice here. I’m well aware that politics tends to get tempers up, so try to make sure you think before you type, ok? 🙂