Posted by
Casper on Monday, September 22, 2008 11:17:10 AM
As a Conservative Republican you might think I would be against such a large federal buyout of debts owned by free market companies. You might think that, but you couldn't be more wrong. Ideology has its place and it is an important one but every right thinking person on this planet must at some point recognize the limits of their ideology. Mine reached its limit when the Bush administration decided it would provide a huge check to the troubled financial industry.
The $105 billion injection of liquid funds into the stock market was a good idea because (at least for now) it prevented an economic meltdown the size of the 1929 stock market crash that sent the world spiraling into a ten year great depression. We thought it couldn't happen to us again. Well guess what it almost did. The market, some experts analyzed was a mere 500 trades away from a 22 % drop.
The move by the feds prevented a catastrophe on Wall Street and on Main Street. Why? The constriction of commercial paper. These are the loans given to small businesses and large businesses just to keep the doors open. Without those loans businesses both large and small would have shut their doors and millions (potentially) would have lost their jobs.
America stands on the brink of a total collapse. We are teetering on the edge and the slightest blow is all it might take to knock us into the abyss. That blow might very well come from AlQaeda. The terrorist group is notorious for its attempts to influence elections and many in our intelligence community fear that Al Qaeda will have an October surprise. America has evaded a terrorist strike on our own soil since Sept 11, 2001 but the Bush administration claims several plots were thwarted before they were carried out. America is still in danger from another attack. Only this time they won't have to knock down our buildings to bring us to our knees.