I’m concerned about the bailouts at taxpayer expense, but I am MORE concerned about Wall Streets response to the bailout news. They should not be so vested in taxpayer money to prop up stock prices. To me, the news that wall street rallied yesterday was the most depressing economic info I have heard in a long time. The financiers should not be so dependent on taxpayer money that the market bounces the way it did when a bailout was announced.
Craig R. Smith said this in an opinion piece at WND Daily today:

“Democrats, at the time, ignored the fact that many loans were being made to completely unqualified borrowers to buy homes they clearly could not afford. Overnight, home ownership in America became a birthright under the Democrats. Discussions with the Congressional Black Caucus and housing executives from Fannie and Freddie were just one example of how the Democratic Party encouraged irresponsible borrowing behavior.

So what do we do now? We must suffer the pain and do the hard yet necessary things to return to reality or we had better get prepared for a whole lot more pain. These problems did not happen overnight and the solutions will not come overnight. But the longer we fool ourselves with feel-good government bailouts, the longer the problem will remain.

Why are we turning to the very perpetrators for the answers to the problems they caused in the first place? Are we crazy? Go back to the same folks who broke it for a fix?

Free markets works when they are operated under accountability. The only effective help the government can offer would be to immediate halt wasteful spending and begin to reduce the national debt. Fiscal responsibility at the government level would do more to instill confidence than any bailout a bureaucrat can offer. Bureaucrat bailouts are designed to bring new contributions into their campaigns. That is a huge part of the problem. Bailouts do not work unless they are accompanied with accountability.

It would be easy enough to kid ourselves and allow the government to throw huge amounts of taxpayer dollars at the problems and pass it all on to future generations. But that would be like putting a band-aid on a gaping wound. The patient will still bleed to death, just at a slower pace.

Accountability, not blame, is required NOW. Sacrifice, not politics, is the necessary cure. I know it isn’t a popular message but it is reality. Americans are willing to do what it takes to strengthen the country if they know they will not be burned once again by politicians who are more interested in power and position than they are about what is best for America.”

I would like to see some accountability, especially for the congressional people who had oversight….

“The lack of oversight provided by Chris Dodd and Barney Frank of the Banking and Financial Services subcommittee is unprecedented and should require the immediate dismissal of both men.”

Jenny Hatch