It saddens me greatly to find out that Ben Bernanke, the Chairmen of the Federal Reserve, thinks the Bush Administrationâ€™s $700 billion dollar bailout plan is a good idea. Considering this current economic â€œcrisisâ€ is a result of banks and other financial institutions taking too much risk and paying the price for it, I see no reason why they shouldnâ€™t be made to suffer, especially since if they do get bailed out by the government, theyâ€™ll just do it again in ten years or so. Perhaps Iâ€™m just being cynical, but this seems a horrible idea to me.
This is a perfect example of when we should take a lesson from the past. While the circumstances leading up to it are different, we are on the verge of a second Great Depression. What we need to do is move the governmentâ€™s investments back onshore. If we could initiate programs like those from when Franklin Roosevelt was president, not only would the economy recover, we could fix many of the other problems we have. I think itâ€™s high time for the three-letter anachronisms of the 1930s to make a comeback. Buying out failing mortgages isnâ€™t the solution, creating jobs is.
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