You should oppose this legislation.

September 21, 2008 | Jim Vicevich | |

You should oppose this legislation. It is an attempt to avert a financial meltdown by means of a political and fiscal meltdown.

It’s not the only critic that has appeared this weekend. Read another here.

 Now the Treasury, the Fed and congressional leaders are promising its enactment within days. The scheme has gone from invisibility to inevitability in the blink of an eye. This is extremely dangerous.

I myself, just don’t know the inside stuff, but there are red flags all over. Democrats and Republicans agree something needs to be done fast and it needs to be really really BIG. Democrats agree its bad, and promise not to get political, but still want to use it to add all kinds of stuff they’ve been pining for for months. And this is the third time we have been told the end of the world is coming and its still not here.

Why not let the market place clean up its own mess by valuing this paper and then maybe the Feds can step in … the again … maybe not. I don’t know.

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Jim Vicevich

Jim is a veteran broadcaster and conservative/libertarian blogger with more than 25 years experience in TV and radio. Jim's was the long-term host of The Jim Vicevich Show on WTIC 1080 in Hartford from 2004 through 2019. Prior to radio, Jim worked as a business and financial reporter for NBC30 - the NBC owned TV station in Hartford - and as business editor at WFSB-TV in Hartford for 14 years while earning six Emmy nominations and three Telly Awards.

1 Comment

  1. Erik on September 23, 2008 at 3:47 am

    Every so often you need to let the forest burn down so that it grows back healthy. I think it's time to let the forest burn down. The proposed bail out does not allow the forest to burn. How do we pay for the package? Well by one or some of the following.

    1. Create the money out of thin air creating massive devaluation of our currency (inflation)
    2. Borrow the money from other countries, this will make US bonds worthless junk and I am not sure what country is lending for this anyway.
    3. Tax the US citizens, this would likely about to something like $4,000 for every man woman and child in this country, family of 4 will pay $16,000. Hell of a stimulus package.

    -Erik



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