Thursday, September 25, 2008

Show me the money.

According to CNN, the $700 billion that is needed to bail out Wall Street amounts to $2,000 per each taxpayer. That is not a lot of money if you think about it. What's $2,000? It's a used car, or a cruise, or a Swiss watch.

However, this is not the money I am willing to spend helping out the people whose incompetence and/or greed got them in this situation in the first place. If each taxpayer gives Wall Street $2,000 there is no guarantee that they will not blow the save and find themselves in this exact situation again.

So the best solution in this case is to turn the ownership of these troubled financial institutions over to the taxpayers themselves after the bail out. If the government, who officially will be bailing out Wall Street, does not like this idea, they need to take these banks over. This is the only way anybody will see a return on their investment.