September 30, 2008

To Spite One's Face....

The Wall Street Meltdown continues. I find it interesting that there is a groundswell of protest against the bailout. From today's Hartford Courant.
"Some of my constituents would sooner walk the bread lines than to see wealthy Wall Street tycoons not pay for what they've done. There was a real sense that these folks have to feel some pain," Shays said.

He said calls to his office came in 30-1 against the bill.

"In some districts, it was literally 1,000-1," Shays said. "Nobody wanted it."

I have to say I've been mixed about this whole thing myself. I've tended to have a distrust (and downright dislike) for those who make their living off the pushing around of capital without adding value. There is a small bit of leftist in me that find speculation in the markets, and investment banking and such to be somewhat morally bankrupt. So I'm all for a shakout in these systems, for tighter regulation, for having some pain be felt by those who have been playing fast and loose with the economy.

Ah well. Right now, it seems to have minimal impact on me. My work is busy, my life is busy. If anything, a gross devaluation of housing, services, and an economic slowdown will make life somewhat easier and more affordable for those like myself on the fringes of the economy.....but time will tell how things trickle down to my level.

1 comment:

Shel said...

The whole thing is surreal. Let's give 700 BILLION to the guys who messed things up initially. Oh, yes and don't hold those guys accountable or ask them how this money is being used. Give me a break, failure was built in.