Last week, politicians in Washington tried developing a $700 billion bailout plan for Wall Street. However, today a slight majority in Congress wisely turned it down.
Throughout the day, television networks aired live coverage of the crucial voting session, while newspapers reported what was taking place online. I was able to watch some of it on TV, but I mostly knew what was happening thanks to the people at the WashingtonPost.com, who were keeping a live blog. So kudos to them.
I don't want to discuss my personal views regarding the bailout too much. I'll just say I hope the crooks on Wall Street know they don't deserve a penny of Americans' tax money. If their institutions are crumbling, they should suffer for their own greed and corruption.
The only point I want to raise is my beef with the media over how, while politicians devised the bailout plan, no one questioned how that money would be backed. America is broke right now. And our currency is beyond weak. So where would the government come up with $700 billion of sound money?
I'm no economic guru, but I know enough about our financial system to know that the money for the bailout plan would be backed by nothing but paper money. I'm sure there are journalists out there that know much more than me. Yet, no one dared to discuss this. Shame on them.
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And most of the journalists just keep saying "This is so complicated, even the experts don't understand it." All the more reason they need to explain in easy-to-understand detail what this money was going to be used for.
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