Soleron on 27 September 2008
| TheRealMafoo said: It's a simple problem blown out of proportion. We are in this mess because we spent money we didn't have. You can't solve this problem by spending money we don't have. Simple. |
Best statement I've seen concerning this financial crisis.
--
The free market has got us into this problem; it will resolve itself like every other financial crisis. If the US government try and remedy the problem with taxpayers' money, it sends a message to banks: do whatever you want and we'll bail you out when you go bust. Then the root cause of the problem (banks accepting too much risk to make quick money) will not go away and banks won't change their attitude or business practices (or executives, for that matter).
So, I'm against the bailout - not because they're spending my money (I'm not a US citizen) but because your government's actions will damage the world economy more in the long term.
