By: Michael D. Haughey, September 29, 2008
Thank-you to those in Congress who voted against the bailout. I hope you had the people of America in mind when casting that vote. Now the hard work of fixing the system must begin. A bailout without fixing the system, to allow more loans to be made using the existing system, to allow derivatives and hedge funds to drag the economy further into a hole, will accomplish nothing for the average American. The regulations that worked 30 years ago must be re-instated, and new regulations are needed to accommodate new technologies. It took 30 years of implementing a flawed philosophy to create the current financial mess and no simple solution will solve it. Pretending that a bailout will solve this mess is only pandering for votes. It is way past time for that to stop. Unregulated capitalism doesn’t work in the long run, and there is no invisible hand.
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