Wednesday, September 24, 2008

THE GOVERNMENT SHOULD NOT BAIL OUT WALL STREET!

I am fundamentally opposed to a government bailout of Wall Street and the financial institutions whose missteps over the past decade have led to the current mess they now find themselves embroiled in. This is the United States of America, not the People's Republic of China. This is a free market driven economy, not a socialist led economy. While there may be a need for the government to act, such as reinstituting government regulations and stricter oversights, giving the financial institutions $700 billion dollars which the government does not have isn’t the answer! Already this year, the federal government is projecting a deficit of around $500 billion dollars. And now it’s considering committing another $700 billion to bail out Wall Street. That would push this year's deficit to around $1.2 trillion increasing the nation's current $10 trillion deficit by 12% in just one year! That’s sheer insanity?!?!? Enough is enough!!!