China

Asian markets doubts over US bailout plans

The Asian markets just keep shifting around, antsy on what’s about to happen in the United States while we’re still contemplating “why” the $700 billion USD bailout plan is a good idea.

Obviously from a personal perspective, I find it an atrocity. The bailout is basically shifting the consequences onto the American taxpayers, while allowing the banks that committed the bad decision making to exist and continue to make bad decisions. On top of that, there are clauses in the current bill that are along the same lines as the Patriot Act as far as allowing the Treasury Secretary to not need oversight. Thanks, but no thanks.

Of course, it didn’t help that CNBC World last night was showing what was going on with Australian banks either. Apparently they’re also looking to offload the “toxic sub-prime mortgages” into the $700 billion bailout. I didn’t know that American taxpayers were going to be paying for world-wide relief either? If the Aussies are looking to do that, then what other countries are looking to offload their debt into the American middle class? And why exactly should we put up with this?

Here’s the deal. Every single country that has encountered economic fiasco has made it through, without a hurried and “cowboy” attitude about how to fix things. Sweden has done it, as has Japan. It’s a long road ahead, but it can be done. But throwing $700 billion USD at the problem in hopes to make it go away is just ludicrous. This is no different than when the Federal Reserve cut rates multiple times in hopes of jump starting Wall Street. After the first few times, it really should start sinking in that it’s not working and maybe we should just ride it out.

If worst comes to worst though? The American taxpayers will get stuck with a huge bill that will take decades to pay off while the rest of the world just gawks in amazement at why we dig ourselves deeper into a hole.

Photo Credit:(Vick the Viking)

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