Wall Street Financial Crisis

Our leaders in Washington,DC have a crisis. The financial crisis didn't occur overnight and it can't be resolved overnight; but, we are being told that if we don't agree to throw lots of money to bail out Wall Street (no questions asked!!!) that our entire economy will collapse. Bull.

This sounds like the old sales pitch that goes: "The deal is only good for today! The price goes up at midnight!! We have to have your answer now!!!"

I can't believe President Bush went on TV and told the American people that MORE people would lose their homes, their pensions, their jobs unless we agree to this bailout...since when did he get concerned about this??? Yesterday??? Apparently while the American people were being tricked and duped, the leaders of our country sat back believing that unregulated greed could rule the day. Who has been looking out for the average citizen??? Not the CEO's or CFO's, not the banks or mortgage houses.

The free reign given to banks and credit companies on Wall Street during the 1990's needs to be brought under control. If they can't do honest and responsible business, they don't deserve to be in business.

Why do these irresponsible entities think the taxpayer should rescue them after they have run the well dry by reaping gigantic profits for themselves. Being irresponsible should not be rewarded.

I fully understand that my 401(k) has already decreased in value and will probably look even worse as the next few weeks and months go by; but, I do not care to see my hard earned money thrown out to fix a problem that should never been allowed to happen. Yes, it needs to be fixed. Yes, government oversight is needed. I don't have to like it. I don't want to see the same people who got us in this crisis in the first place to be rewarded. I am stressed out by the lack of leadership by our government. I want to see thoughtful, carefully planned out solutions. The knee-jerk reactions of DC have surprised me. Maybe I am naive. I believe all will eventually be straightened out, and hopefully we will become stronger. In the mean time, I hope real solutions will be found and implemented, and that measures will be taken to prevent this bailout mentality.

Accountability needs to return to business. Large profits can't be artificially produced and then Woops! disappear overnight. This shifting the blame and pretending not to know how on earth these things could have happened has got to stop. Theories of finance and how money markets work may need some tweaking. Are the experts that far off the track?