To Bail Or Not To Bail

That is the question. However, nowhere in the discussion have I heard much discussed about the questionable ethics of the practices that lead to this financial meltdown, nor any increased oversight that would prevent a recurrence. In fact, many top economists are now saying that this bailout, now called a "rescue," could make matters worse.

In my opinion, the original bill, as I have seen, simply gives our money away with no accountability or oversight on the whim of one man. I do not think that anyone should have that weight put upon their shoulders.

What is particularly disturbing is that the logic in Washington DC seems to be that by giving these financial numbskulls money to bail them out of these poor decisions they have made will suddenly make them geniuses and they will make intelligent decisions. I doubt that throwing good money after bad decisions will make things any better.

This is another example of top down economics where the economy is stimulated at the highest levels and money then trickles down to the rest of us. We've all seen how well that works. That is what has gotten us into this mess.

I think we need to try something new, something different. Now bear with me on this. Our economy is predicated on one basic tenet, the ability of the consuming masses, to consume. Without that consumption, products sit on the shelf or in inventory as a liability for the company holding them until they are sold.

So what we need to do is to stimulate the economy at the grassroots level and let the market separate the wheat from the chaff at the higher levels. Companies that make intelligent, ethical decisions will prosper and those that do not, will not and should not for that matter.

If Washington insists on bailing out, excuse me, rescuing Wall Street, then let's encourage them to take the time and create a bill that will have some toothful oversight and penalties for those that continually abuse the concept of ethics in the marketplace. Any package that is traded on the marketplace needs content oversight.

Just as a little aside, this reminds me of the rush to enact the Patriot Act after 9/11. Is this the Financial 9/11? Only time will tell.

Phoenix