Mike Thompson”s guest commentary about his support for the recently enacted $700 billion bail-out legislation proved only one thing, and that he is a fool. His guest commentary was filled with self-serving baloney. Not a single factual description of the bill nor an economic analysis was presented.
The facts are that this bill is a last minute election ploy by both Republicans and Democrats trying to con voters into thinking our politicians are honest and trying to help us. The bill does not address any of the causes of the so-called financial crisis. It is a massive tax-payer rip off, as irresponsible as the alleged acts and omissions of so-called “Wall Street” manipulators. The truth is that stupid lenders and borrowers have caused the problems alleged to be the crisis which Mike Thompson would have us believe he is so angry about. The very money grubbing insolvents that have rushed to accept loans they have not been able to service and the lenders who granted those loans are the cause.
The credit markets are not in crisis! Loans are still available! But lenders are becoming cautious and are increasingly demanding of borrowers that they prove financial solidarity, the ability to repay their loans in a timely manner. Is this so bad? Wouldn”t an attitude like this have prevented the “crisis”? What this bail-out bill does is to shift the irresponsible actions of previous lenders and borrowers to the tax-payers, who our politicians obviously believe are to stupid to realize they are being subjected to the “big con”. The government is simply proposing to “print” more money and donate it for the benefit of the asses who figured they could get away with financial suicide.
There is no legislation which can fix stupidity. Printing tons of money and giving it to bail-out financially irresponsible people should be a crime. It will cause increasing inflation, devaluating our currency and making our labors increasingly worthless.
Mike Thompson said it, implying that we should live within our means responsibly. If you can”t afford it, don”t buy it! Banks will continue to lend to those who are good risks. Thompson is a fool, and everybody who votes to re-elect him is a fool. Don”t allow yourself to be conned by a fool.
Allison Gibbs
Kelseyville
