Wall Street Needs To Suffer Too
It’s another new day and of course many are wondering what the markets will do at the sound of the bell today.
The fear-mongering in the financial markets continue, along with politicians working the fear angle as well. If we believe what we’re being told, life as we know it will soon collapse. All will be lost unless we bail out the rich on Wall Street. By the way, the same rich on Wall Street are the ones who line the pockets of many of our politicians. As a matter of fact, and really there’s no surprise on this one, the votes for and against the first round of voting are very interesting.
Those who voted against the bailout have not received money from the rich Wall Street executives during campaign time. However, those who voted for the bailout, all received substantial dollars from the Wall Street execs.
This proves once again that many in Washington do not care about the people they represent. Instead, they’re worried about their bank accounts come election time. As I wrote yesterday in a post entitled Holy Market Meltdown Batman, it’s time for the nation to receive an enema on many levels.
So, what will happen on Wall Street today? We’ll have to wait and see. But, maybe an even better question is…
What will happen when politicians vote on the bail out again later this week?
The stock market gained five hundred points yesterday. That of course came on the heals of a 777 point fall on Monday. That was the day House members voted against what is now being called the $700 billion dollar financial rescue bill. Isn’t it interesting how suddenly the media is changing the name of the bill after it failed on the first vote? Now it’s being called a rescue bill. Sorry, there’s no rescue here. This is nothing more than a bail out bill rewarding those on Wall Street, and in government, for their stupid mistakes.
Why was the bail out blocked on the first vote? Because many are against spending public funds to clean up a private sector mess. The bottom line is this, We the people, should not have to cover the debt created by bad moves in the private sector. I didn’t cause the mess, and therefore I should not have to pay to clean up the mess. I’ve said it before, and I’ll say it again, We the people should not have to pay for the mistakes of the rich on Wall Street who spend all day shuffling paper around.
Perhaps Ohio Democrat Marcy Kaptur said it best yesterday…
“Let all the Wall Street people hurt just like the rest of us people do. I don’t owe them a living. That’s how the people in the 9th Congressional District of Ohio feel today.”
Not only do the people of Kaptur’s district feel that way, but most of the nation feels that way too.
Just my two cents,
Dr. Rus
AMEN.