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Bailout Rejected: Will Free Market Economics Sustain Us After All?

House of CardsIt’s official, according to the New York Times, the bailout proposition has been rejected by the House of Representatives. The Dow Jones just plunged more than 700 points and America is standing up for itself as the bastion of free market economics!

According to today’s New York Times, “supporters of the bailout proposal had argued that it was necessary to avoid a collapse of the economic system, a calamity that would drag down not just Wall Street investment houses but possibly the savings and portfolios of millions of Americans. Opponents said the bill was cobbled together in too much haste and might amount to throwing good money from taxpayers after bad investments from Wall Street gamblers.”

Ironically though many democrats have been up in arms about the Fed bailing out the financial industry with taxpayer dollars, the vote to decline the bill has been largely republican. The general view is that the economy must go through a shakeout however small or large, to allow itself to come back to a level of stability that will sustain new growth over the long term.

Even though the bailout plan promised relief in the short term, its sustainability over the long term has been seriously questioned by many. As House Representative, Steny Hoyer says, “When it comes to America’s economy, none of us is an island.” The last thing we need is more of a domino effect on the economy.

And long term sustainability is what we all crave in every sector of the economy. Will the rejection of the bailout plan actually champion our cause?

Related Posts:

To Bailout or Not to Bailout: Is Free Market Economics Sustainable?

Death of Wall Street, Rise of Main Street

Financial Crisis: What Will The Collapse of Investment Banking Mean for CSR?

From Mortgage to Bailout: How Did The Problem Arise?

Photo credit: Google

Written by Reenita Malhotra

Reenita Malhotra Hora is an Ayurveda clinician, entrepreneur, writer and mom. Her experience has ranged from running Ayoma, an Ayurveda business to running a natural health practice at San Francisco's California Pacific Medical Center.

Reenita is a published author of two books books about health and wellness: ‘Ayurveda - the Natural Medicine of India’ and
‘Inner Beauty’. She is also the Editor for Green Options Media's business blogs and a freelance writer for a variety of print and web publications.

In quieter moments, she likes to spend her time hiking, swimming the warm seas, cooking with the family or writing fantasy fiction adventure stories for kids from from 2 to 92.

Check out her wisdom at www.reenita.com

Comments

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  1. For the short term, things are going to get tough, and hopefully the losses sustained by older folks with IRA’s, 401k’s, and other investments that they’re counting on for their retirement aren’t too much to bear. Perhaps we could spend the money on THAT instead???
    In the long term, we’re going to be better off…the bankers won’t be so confident in having Mama to run to, and re-regulation may be allowed to progress now that we’ve had the crap scared out of us.

  2. It is a fine day that saw the bill rejected – because of popular sentiment that this was an unnecessary gift to those who put the economy in jeopardy in the first place. I have also written about this matter.

    Hopefully not only will regulations that were systematically dismantled over the last 25 years be re-instated (with a few updates), but any lawbreakers will be pursued, as the FBI has started to do in the largest collapsed institutions.

  3. Tender spot hurting a lot? Other side too? bruises on your face and body throbbing? Is that blood running out your nose, skirt above your head in the wind, panties torn and soiled, titties swelling and turning blue by the minute, lost on the roadside, hoping not to die? Did you recognize the tail lights of the limo that threw you off? Was it the same limo that picked you up at election time, promising a good, decent, clean, ride? Will you ever learn? Last time these guys did this to you, your babies were killed in Iraq and your retirement fund spent to do it, your taxes went up, you did not get destroyed by the weapons of mass destruction, they were never found. Poor little America. Our heart-felt prayers from Canada go out to you!

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