Eugene Cho

thank you for the financial bailout

After doing some more reading and research, I concluded the bailout was not not a good idea.  But when you propagate fear into people and the system, everyone does what people normally do:  they [both individuals and lending institutions] look out for #1.  And for that reason, while I didn’t support the bailout, I acknowledged it was necessary…to alleviate the fear and anxiety. 

What do you think of this bailout?  Were you in support or against?

But, I hope folks realize the problems are bigger than this bailout.  Who will bail out the corruption and greed of our country…of our hearts?

But to reconcile any anger, frustration, or anxiety you may have, I give you this video of a U2 song [ONE] that will bring great joy and harmony to your heart.  This cover comes to us through the friendly people of BoA [Bank of Abuse] or otherwise known as Bank of America…who recently acquired Merrill Lynch in a 50 billion dollar.  They should have waited a little longer.  Any remaining healthy financial institution made our really good by acquiring other cos for pennies on the dollar.

Enjoy the video.  And wait…for the standing ovation.

Filed under: entertainment, politics, ,

21 Responses

  1. Tyler says:

    I think the idea behind it is wrong. We have this mindset that we can always bail ourselves out. Most people realize that isn’t reality though and at some point we have to do things the right way. Printing money won’t save our finances.

    With that said, I agree it was necessary since we have the ability to make it happen.

  2. andy says:

    I was for it before I was against it.

  3. 100% against it. It will be financed by money that we don’t have- so either we’ll print more (thus devaluing the dollar even further and giving each and every one of us an increased tax through continuing inflation) or we’ll just borrow from China or Japan like we’ve been doing to finance war, etc. Not exactly National Security to be indebted to foreign creditors. Furthermore, it’s loaded with pork- special interest money. Have a look:

    http://news.cnet.com/8301-13578_3-10057618-38.html?tag=nl.e433

    Total number of bailouts gets us closer to $1.8 trillion in commitments, added to the 53 trillion dollars (you read that correctly) in commitments when you factor in social security, the federal debt and medicare. You don’t want to know how much that equals per taxpayer.

    As an economic matter, it is no fix at all, and will likely make things worse (which is what happens when the gov steps outside its rightful role). A free market system is supposed to allow for corrections and downturns as a way to punish (not reward) in this case- the Wall Street Casino Capitalism. We aren’t doing anything but propping up bad debt that needs to be cleansed from the market place. You have to ask yourself- of the economists “for” the bailout, which are intending to say “good economic policy” or rather just looking out for their investments in Wall Street? No one knows. We also don’t know a lot about the process of these bailouts because so much of it is being done without our understanding. Everyone should be deeply concerned that legislation supported by only 25% of the American people was just voted and signed into law.

    The American people have been had.

    -ian

  4. DK says:

    I sorta agree Eugene.

    This smells really bad. Really bad. I don’t think it was necessary but feel like folks conspired, tightened their lending capacities, people panicked, the government co-conspired or took the bait.

  5. eugenecho says:

    nice Broken Telegraph.

    but be honest, that video made you feel warm all over, didn’t it?

  6. Eugene-

    totally. As I was watching, I had what I like to refer to as a “Shiver Fest.”
    😉

  7. I’m totally against the idea of a bailout. I think most of congress is too. The problem is that the alternative is even worse. So I think this was the best of the decisions available to us.

    What this bailout means for us is that inflation will skyrocket and the price of basic goods will rise tremendously. That’s the price we pay for only giving lip service to our deficit for so many years. It’s finally time that Americans will have to pay the price of the last two decades of spending and borrowing.

    The alternative would have been that many businesses would have simply failed. Businesses that rely on lines of credit would suddenly not be able to make payroll. We’d see our high jobless rate rise precipitously as folks get laid off everywhere and there would be no loans available at decent rates for anyone trying to start or grow a business.

    I trust that, for all its ills, this was a better course of action than some of the alternatives. The important part is that we all relearn the basic values of saving our money, thrifty buying, and making do with less. I’m hoping there’s a lot of spiritual growth for us to find here as a culture and a nation.

  8. Rebecca says:

    The bailout is not a good solution. If they had passed it originally, it would have created an emotional response that would have brought the markets up, but now people have realized that no matter how much pork you add to a bill, it won’t change the fundamental problem that the growth our economy experienced in the last few years was based on debt and deficit spending, both by individuals and the government.

    I understand why it was conceived and ultimately passed, but in the end, the market has to go through a correction as we figure out what all of these martgage securities and credit default swaps are actually worth. When you have such an opaque system of valuing (due to the nature of the security) it makes it impossible to tell how bad the economy really is.

    But like I tell my clients, fear and panic will only make things worse. Markets go up, markets go down. If they go up too hard and fast, they will come down the exact same way. And the bailout will only make things harder in the long run. Which would you rather do: rip a bandaid off in one clean sweep or pull it off slowly, millimeter by millimeter? I think the bailout is the slow way, so we are in for a lot more pain before things get better.

  9. I’m against this bailout package. And this version has added so much pork and unnecessary tax breaks that it’s worse than the first package. If you listen to the supporters of the bailout, you would think that the world would end if this didn’t pass. This is a bailout for Wall Street and doesn’t do very much for Main Street. It doesn’t do much for most people in the mortgage mess. Where did the figure $700 billion come from? They just made that up. And there were no public hearings about a package so big using tax payer money. This whole process reminded me of the Iraq War vote and how fear was used to expediently pass the resolution which out much public discourse. This money would be better used to help those at the bottom with unemployment benefits and helping people in real trouble with their mortgages. But alas, Wall Street and lobbyists win again and our politicians, including McCain and Obama, capitulated.

  10. sue says:

    Merely to protect the rich.

    Oink Oink. Pork all the way around.

    This was such a huge package, it should have come back to the people for a vote.

  11. Aaron says:

    On the video:

    Did I disappoint you?
    Or leave a bad taste in your mouth?

    Yes, yes and yes. I think I just threw up in my mouth a little bit. Now when people ask me why I have a business degree and do not have a job in corporate America, I have physical evidence to back up my claims.

    Ok, on the bailout:
    Personally, I think HUGE mistake.

  12. randplaty says:

    Necessary evil. Agree with Jack. Without it, we would have been headed for the Great Depression. Don’t believe it? Every industry in America is based on the debt monetary banking system. Most of the money in circulation is loaned into debt. If banks stop lending, the economy comes to a halt.

    That said, we still may be headed for a depression. The bailout may not work, but at least it gives us a chance. Or it may just have delayed the inevitable.

    I think its very telling that the Senate realized that this bailout was necessary before the House did. This is the constitution at work protecting the people from themselves. We are a representative form of government because the founding fathers recognized that the majority of people do not know what is best for them. There’s a reason you and I did not have a vote on this issue. It’s because we have no idea what we’re talking about and we don’t have access to the people who do. Senators and congressmen might not know what they’re talking about either, but at least they have access to the experts.

  13. Derek says:

    After seeing that video, I am almost tempted to close my account at Bank of America.

  14. Jon says:

    While I wish we weren’t in this situation, I absolutely believe that this bailout was necessary for the hope of avoiding a recession. It’s not just fear and propaganda. Consider the number of institutions that have been around 100+ years that have gone under. That shows you that the credit crunch is no joke. The bailout was necessary yesterday.

  15. Jeff Pyper says:

    I believe a large majority of our citizens have forgotten common sense, good reasoning, sound logic, and education. They have lost their minds! This bailout is very shortsighted. Many economists had much more comprehensive, workable solutions for long term fixes. The Blind are leading the Blind, and they are like pigs running over the cliff into the abyss.

  16. amoslanka says:

    that video was ridiculous.

  17. […] a comment » I was reading a post today on Eugene Cho’s blog about the bailout. I appreciate the thoughts expressed both by Eugene and his commenters over […]

  18. jessica says:

    oh my gosh. wow. i can’t believe they defaced that song.

  19. Mark says:

    at times like these, i wish i didn’t have my business degrees and banking background, so i won’t feel so outraged at the short-term band aid of a solution the politicians have thought up in this election year. we are continuing to fuel the greed, idiotic decision and plain depravity of the system, without solving the larger, more long-tern problems.

    sometimes, people must endure pains to give birth to true hope and reformation. the bail out does not make any sense nor does it do any real good. only future generations will suffer and have to bear the burden of our generation’s greed and sinfulness.

    the only hope for me is now, just maybe, the Church, the body of Christ, can truly be awakened to be the body of Christ for the world. the hope is only through what Christians do through introspection and arise to be the voice of hope to society, to enact and really live out the mission of sharing Christ’s love – to feed the hungry, shelter the homeless, clothe the naked, love the distraught, and point the way to Christ. i pray so.

  20. Katie says:

    I feel that someone needs to say something for the “for bailout” side, and I will be that someone (though of course my support is tempered by my belief that the overall system is broken).

    While I agree that the bailout in some ways is benefiting “greedy” wall street and might be a “quick fix” that hurts us in the long-run, it’s imperative that we also look at who is being hurt in the short-run. A lot of us might want to see the system fall or at least work itself out, but some people are not in a position to hold out that long. The very poor have been dealing with having nothing for a long time and it will only get worse (if that’s even possible); the poor who have little but at least something will be hurt the most; and of course this then extends to those who had enough but now find themselves without. Can we really ask them to just wait it out? And tell me how the churches, if it is their role, will feed and clothe and shelter all of those suffering when they have already failed to do so in a time of economic prosperity?

    The bailout (which is poorly named) was meant to prevent a depression, not fix the economy. Even if the bailout works in most of the ways it is supposed to (which, of course, due to the nature of the current crisis, people aren’t sure what will work because so much is unknown about the worth of the toxic assets, etc.), we will still find ourselves in the midst of a regular old recession. (See http://www.cbpp.org/10-2-08bud-stmt.htm for a bit about the bailout legislation.)

    Do I think that the current crisis is a result of greed and overspending on the part of the U.S. and Wall Street? Yes. Do I think it is a result of a consumerist attitude on the part of the people? Yes. Do I think that the tax system needs to be reformed and there should be more taking care of each other and less taking from each other for self-profit? Of course. Do I think the current legislation isn’t perfect and had there been more time to pass and implement a different, more comprehensive version we should have? Yes! But I also think that given the constraints and the need to do something to prevent something much worse than we’ve seen in a long time, it was a good thing that the bailout legislation was passed. People are losing jobs and homes, in addition to retirement funds (if they have them), and many of these people don’t have savings and families or even churches to help them weather the storm. They are the ones we should be thinking about as we analyze the government’s current and future attempts to “fix” the economy.

    So I ask, honestly and in curiosity, what would you have liked to have seen them do? What would sound economic legislation to prevent a depression and attempt to curb the impact of a recession have looked like?

    And I know this is long, but I just want to add that I think Quest’s pledge to give 50% to the Community Benevolence Fund (and those who need help at the church) is wonderful. It’s sad to read that food banks and other social service charity organizations that rely on donations are having to cut back when more people than ever need their services because fewer people are giving (and understandably so) in this difficult time.

  21. shari says:

    Tired of Bankers having all the fun.

    Bailout! The Game the hilarious parody of the government bailout where when you lose, you win. In this role reversal of the classic board game debt is king.

    Bailout! The Game gives you an endless supply of T.A.R.P funds, laughs and fun.

    Be the bank, lose billions and get a bailout.

    Play as one of six banks: Bankruptcy O’ America, Worth Farless, No Cashvia, Liquidation Brothers, Greedy Investors of America, or Washed Up Mutual.

    Land on or pass over Frantic May and Frivolous Mac spaces and get slammed with bad debt.(MBS’s and CDO’s)

    Just as Monopoly was born out of the Great Depression, Bailout! The Game was born out The Great Recession.

    Winner of the Mr. Dad Seal of Approval. http://www.mrdad.com

    Creators of Bailout! The Game and Bailout! The Card Game
    Liberty Street Games
    http://www.bailoutthegame.com

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