Intellectuelle

I watched the Jim Lehrer PBS news discussion of this topic. There really is a dilemma between very different views on all this. Although it seems a cop out to say it is complex...it really is complex.

What is right to do? allow our system to crash- and all the misery that means for lots of people? Let certain sectors crash - with the demoralizing effect, as well as permanent job losses that incurs? Although people who were lead to believe certain circumstances were true for their financial future come to financial ruin now that the circumstances have changed ( let the buyer beware on being able to buy a house when the "experts" said you could afford it on terms that they assured you would be manageable)?

There are pros and cons to all aspects. I'm unsure which way to side in my opinion. Your view here is clear, simple, and straightforward, but it is also very harsh if practically implemented. And eventually we have to, individually and corporately, pay the piper for past excesses ( whether our own or someone else - aye there's the rub-) and learn to live within means. That latter point is a harsh reality for many....

Some of this mess comes from a form of misguided faith in the "goodness of man". the prevailing money theory seems to have been that the financial sector would self- regulate in a free market system. but its greed and excess (of many banks, governments, etc) led to this fall. so now we face the other humanistic alternative: too tightly regulated... by whom? Men with power are still corrupt men... and that is the true crux of this problem isn't it?

So "bailouts"? aren't they a sort of grace meant to soften the harsh weight that is falling unfairly on the people who neither lived outside their means nor were responsible for this mess?

Not that any of this answers other philosophical questions about the role of government and use of taxes, etc. etc. It is just a stand alone question in the short term.

Hi Ilona,

Thanks for your comment.

Though the situation is complex, I believe that the reasons for it as well as the solution are really not so complex if proper accountability is taken.

Ideally, those involved should bear consequences in proportion to their responsibility for over-spending (or over-taking), but, as this itself may prove too complicated (and since people don’t own up to their responsibility), at least those who have means, of those responsible for the biggest fraud, ought contribute their resources to bail out those institutions and individuals they defrauded rather than the taxpayers bearing the burden. It'd be great if they’d do it on their own, but at least they could be tried, convicted, and sentenced to pay (legal fees coming from their pockets as well).

Reality is harsh. Eventually, as you said, we all have to pay the piper, if not here on earth, then in the hereafter. Although in Christ there is a wiping clean of the slate, I don't believe it removes consequences.

Some of this mess comes from a form of misguided faith in the "goodness of man."

Yes it does, and the solution, unfortunately, can’t be found in the same misguided faith. Only with recognition of and repentance from the bad that was done can it truly be fixed. This does mean suffering...that’s the wages of sin. (But then, suffering in Christ takes on a different character, does it not?)

So "bailouts"? aren't they a sort of grace meant to soften the harsh weight that is falling unfairly on the people who neither lived outside their means nor were responsible for this mess?

A bailout with taxpayer money is putting weight unfairly on people who neither lived outside their means nor were responsible for the mess. It does not hold the proper people accountable, nor require bail-out money from those who should be softening the blow for those upon whom the boom is disproportionately falling! Grace doesn’t let people off the hook; it helps out those in need, and forgives them, but doesn’t remove culpability.

I really do not understand all of this bailout strategy. It seems like we are going to bailout all the lenders who got us in this mess by giving out credit left and right.Why didnt we just save all the heartache and just forgive all the debt? The way it is now the companies are going to get their money twice by getting money from the government and still holding the debtors accountable for the money owed. Something is wrong with this picture.