Nothing. No one will die. No wars will start or end.
A buddy asked me what would happen if the bail out didn't go through. My buddy has a degree in finance and a master in economics. He's worked at a large bank for 5 years. I've told you this to illustrate the point. No one knows how this will turn out. However, If we spend $700 Billion on this fiasco, we're are for sure at least out that much. However, I'm guessing if we start there, we're on the hook for at least twice as much.
The bail out package is being sold to us. The salesmen are telling us that we need this bill to restore liquidity to the financial markets. We need this bill to get banks lending again. (By the way, banks haven't stopped lending. However if your in debt up to your eyeballs they probably won't loan to you, which they shouldn't have been doing in the first place.)
So should you support the bailout? I don't think so. I don't think it's the tax payers job to support the banking industry. No where in the constitution does the government take responsibility for the solvency of the banking industry.
What's next? If those goes through, GM and Ford are up next. They'll claim that they've been hurt by the credit crisis, oil prices and overseas competition. Which is all true. However, the constitution does not guarantee that any industry should get money because it's fallen on hard times.
However, if the bill does pass, community groups like ACORN will get more of your money. By the way ACORN is racist. I don't see a single white person on their home page. I know a lot of white poor people. However ACORN is about taking money from those that have it (and have it legally) and giving it to poor minorities in order to buy votes for Democrats.
I just wrote an a check to the US Treasury for estimated taxes owed. Will my money go for roads and bridges or schools? No, my money will be squandered on some mismanaged bailout program designed by the very criminals who got us in this mess.
So when the House Republicans have the nerve to say no, I'm given a little bit of hope. But when that old fool and the young fool open their mouths, I'm reminded of the political realities of the times we live in. The politics of pandering is alive and well.
McCain is in the hot seat because on of his advisers got a lot of money from the mortgage giants. However, the chosen one (Lord Obama) received the largest amount of bribes funds from Freddie Mac and Fannie Mae.
So in the end some businesses will suffer. However, some people might recall that someone (ME!!) advises to stay out of debt and don't rely on debt for funding companies. Maybe some good will come out of this after all.
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