Tuesday, October 07, 2008

Troubled Asset Relief Program Was A Necessary Evil

We now own a property that went into foreclosure only because the owner lost his job and couldn't find a comparable job for two years. How many of us can withstand 2 years of no income? The housing bust is the symptom of a recession economy that was left unchecked. Instead if saying hey...we are in a recession so let's stabilize it...barely anything was done to correct the trend. So here we are. And Congress is frozen and afraid to do anything. I can almost understand when you have hundreds of economists saying something like http://prospect.org/csnc/blogs/beat_the_press. But let's not do "anything" and let's just sit on the sidelines while this train wrecks into a deep depression is in my opinion not an option. We haven't been a completely free market, capitalistic economy after the depression and banks were required to keep reserves, the FDIC , labor unions and anti-trust, anti monopoly laws, etc, etc were formed. Let's not pretend to be a free market now. Let's see if the ecomonists and Congress can come up with a plan that will work and do something because mainstreet... everyone is going to be effected by this credit crunch! Troubled Asset Relief Program (TARP)

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