Houses Passes Bailout

Today the house passed the 700B bailout for the financial crisis. I have heard mortgage brokers that are staunch advocates for the bailout and others that hoped it failed. I have to admit I am very skeptical about this bailout. There are certain aspects of the bailout that I like, while there are many others that I do not like at all. I want to think that the private sector could step in and take over these financial institutions and do a better job with them than the government can. On the other hand, it was also announced today (although overshadowed by the bailout) that there were 159,000 people that lost jobs in September. It was the highest job loss in 5 years. These are people that can't pay taxes, house payments, social security, etc. This situation could possibly only get worse for these people if the bailout does not alleviate the strapped financial sector.

Banks have all but stopped the cash flow to small business and clients. I am afraid that if we don't act and do something now then the financial crisis can and will get far worse. Unfortunately I think it is going to get worse regardless of the bailout. How worse you ask? I may also be buying into the media hype. Only time will tell but I think we are not through this storm yet. Now that the bailout has passed, we as Americans need to make sure that the government does it's job with this bailout and that we hold those accountable that created this crisis. We cannot afford to get ourselves in this situation again. Some may disagree but I think we need to get these companies privatized and making money as quickly as possible. I do not feel comfortable letting the government control the entire financial section of our country. We have seen where social security is headed, the financial industry could be quick to follow.

By the way......Have a great weekend!!