"i got this" - Kenny Wyland
This isn't where I thought I was going to be when I looked forward into my life, but here I am....
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Congressional Hearings about Bailout
I watched the Congressional Hearing this morning to investgate the bailout.
The thing that really jumped out at me while watching this morning was a comment made by Senator Chuck Schumer. He asked the Treasury Secretary why he needed all $700 Billion right now. After all, they aren't going to spend all of the money right away, they are going to spend it over time as admitted by the Treasury Secretary. Why can't the Congress just approve a smaller and still ludicrous amount like $150 Billion and then in January when the Congress reconvenes they can revisit. They'd be able to look at the progress and see if this approach is working and if so they can approve more money. If not, they can move in a different direction.
It's a really good point.
I understand that Wall Street works better if the investors have confidence in the system so having a larger sum of money on hand would instill more confidence.... but right now, I think that's the wrong way to look at the situation. If investors only want to invest in a company if the govt is ready to bail them out with ridiculous sums, then they shouldn't invest in that company. It says to me that the market IS in need of a correction, but they want the $700 Billion to maintain the bubble instead of really letting it burst.
The thing that really jumped out at me while watching this morning was a comment made by Senator Chuck Schumer. He asked the Treasury Secretary why he needed all $700 Billion right now. After all, they aren't going to spend all of the money right away, they are going to spend it over time as admitted by the Treasury Secretary. Why can't the Congress just approve a smaller and still ludicrous amount like $150 Billion and then in January when the Congress reconvenes they can revisit. They'd be able to look at the progress and see if this approach is working and if so they can approve more money. If not, they can move in a different direction.
It's a really good point.
I understand that Wall Street works better if the investors have confidence in the system so having a larger sum of money on hand would instill more confidence.... but right now, I think that's the wrong way to look at the situation. If investors only want to invest in a company if the govt is ready to bail them out with ridiculous sums, then they shouldn't invest in that company. It says to me that the market IS in need of a correction, but they want the $700 Billion to maintain the bubble instead of really letting it burst.
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