R.I. senators says constituents sense the bailout is in their interests
12:52 PM Thu, Oct 02, 2008 | Permalink
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WASHINGTON - Senators Jack Reed and Sheldon Whitehouse say opposition to a financial bailout bill may be muting as citizens consider the possibility that government inaction could hurt them. Nevertheless, ``the message has been loud and clear'' from constituents, said Whitehouse, who summed it up this way: ``We are very suspicious, we don't see how this helps us and if it's just a bailout for the miscreants who caused this, then we don't want any part of it.'' Overall, Democrats Reed and Whitehouse said the economic situation is the dominant issue of the minds of the Rhode Islanders in touch with them. Whitehouse office, for example, reports several thousand contacts from constituents concerned about the matter. His office reported a range of views, from those who oppose any recovery plan at all to those who endorsed the plan that went on to pass the Senate late last night and will soon be considered by the House. Opposition to the initial plan from Treasury Secretary Henry Paulson last week was ``virtually universal,'' according to the freshman senator's office. Whitehouse, like many colleagues, has also heard strong opposition to rescue aid for firms whose executives would be allowed to take ``golden parachutes.'' ``Rhode Islanders are beginning to sense that, even if they are not as directly affected yet, then indirectly'' the squeeze on credit is reaching their communities. Some of the most vivid concernds Reed has heard expressed are from the officers of local banks, he said. Slumping car sales - apparently linked to tightening credit - are another factor that ``has changed very dramatically the dynamic'' of public dialogue about the problem Reed said. Both Rhode Island senators voted with the majority to pass the rescue bill. It now awaits a House debate and vote. 
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The squeeze on credit is not such a bad thing.
If I would not lend money to my no-account, freeloading brother-in-law, then why would I want to own stock in a corporation that goes ahead and loans money to him? Ultimately when my brother-in-law goes into foreclosure (no surprise to anyone in my family) I will be stuck with stock that shrinks in value, not to mention the fact that I will also be stuck bailing out my brother-in-law.
So, why shouldn't the corporation and its foolhardy employees, especially Management, pay for their foolishness? What, you want me to pay for THEM, TOO?
Senators, we are all tapped out, and none of this is our doing. If you guys want to go ahead and take up a collection on Capitol Hill for those poor Wall Street executives, then that's your prerogative, but STAY OUTTA MY POCKETS.
Back to the credit squeeze: a few of us guys are talking about dumping our stock and creating our own Credit Union, pooling our hard-earned dollars and loaning it out only to credit-worthy people whom we know will be able to pay it back, and we're also going to avoid real estate speculators like the plague. Imagine that, and not an MBA among us.
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