Can you imagining mismanaging your small business to the point of failure. You mess up the books, don’t budget, and take major risks that don’t pan out. Your business fails and just as you are closing shop a check comes in the mail to let you know that you have been bailed out! Keep doing what you are doing. Don’t worry about it. Uncle Sam loves you so much that he will fix it. That would be crazy.
If this $700 billion package goes through I think we at least need to put the recipients on a 30 year term at 5% for a 100% repayment. Then give that 5% back to the taxpayers through tax cuts to go right back into the economy.
Another thing you won’t hear from McCain or Obama is that some of the voters are also to blame for this. It is not just a corporate problem. We have a massive problem with greed in this country. People bought homes they couldn’t afford, ran up credit card debt at 20-30% and speculated on risky investments. This is a Wall Street + Main Street problem. That doesn’t get you votes but it is the truth. When Missy and I bought our home we were terrified. It was well within our price range even if one of us were to be out of a job. Yet signing for this home was one of the scariest things we have ever done. We pay our bills, contribute to society, and do our part. I am not asking for any kickbacks. I am asking that we don’t reward the people who have abused the system to the detriment of the country. The bottom line is – don’t reinforce greed and stupidity. What message does this send to the next business that is considering risky and subprime investments? Sounds to me like “go right ahead because the tax payer will clean up the mess.”