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A bailout tossed overboard

October 01, 2008

Re "House rejects historic rescue as markets take a record dive," Sept. 30

Although I recognize that the failure of the House to pass the $700-billion bailout bill may herald significant additional hardship for the economy, I accept the vote as the only realistic outcome for a society that wishes to perpetuate a belief in personal responsibility and free enterprise.

As the economy contracts, we Americans are likely to find that we have been living too high on the hog. We demand constant upgrades to our standards of living, and we acquire most of what we want on credit. The spreading of extensive easy term credit to too many unqualified purchasers is the genesis of the challenge in which we find ourselves, yet the purported need to continue to feed the credit monster is the hue and cry of those who demanded passage of this massive, socialistic bill.

Could our financial hardship not have a beneficent end -- that we will find ourselves back in an era of personal responsibility in which one purchases something when they have saved enough money for it, or at least a significant down payment?

Oren M. Spiegler

Upper Saint Clair, Penn.

The Wall Street bailout is now being called the "economic recovery plan." Talk about lipstick on a pig. There's one good thing about gerrymandering, or safe seats. The liberals and conservatives in safe seats were able to represent their constituents by voting against the Wall Street giveaway.

The problem is that there is too much money chasing too little real merchandise. Do we want deflation -- the traditional conservative way of dealing with these kinds of problems -- or do we want inflation, the traditional liberal way?

John Owen

Los Angeles

As a moderate Democrat, I am appalled at the timing of House Speaker Nancy Pelosi's rant against the Bush administration, calling it the root cause of the financial crisis. No one is denying that it was just, but the timing is open to question. Pelosi could have saved her harangue until after the bill passed, giving the Democrats most of the credit in bailing out the administration. But Pelosi put partisan politics above the nation's needs.

Come the next session of Congress, let's find someone to be speaker who can show better judgment.

Howard Gittleson

Los Angeles

Do I understand this correctly: Republican Rep. John Boehner said that the Republicans would have voted for the bailout bill if Pelosi had not given such a partisan speech? They got their feelings hurt and voted to destroy the economy?

Lyman Burgmeier

Cypress

Congress took a three-page bailout proposal and turned it into a 110-page one. Methinks we need fewer attorneys and more accountants in Congress. However, I suspect that accountants are too honest and too smart to accept the job.

Shirley Conley

Gardena

Re "The insult that made a man out of 'Sam,' " Opinion, Sept. 26

This morning, I mailed a check in the amount of $700,000,000,000.42 to Henry Paulson at the Treasury Department for his three-page plan to save the American economy.

Now I'm worried -- the check was from my Washington Mutual checking account.

James Hall

San Gabriel

Re "Fed seize, sell WaMu," Sept. 26

It seems to me that the failure of Washington Mutual was largely because of the $16.5-million run on the bank, which resulted in its seizure by the Fed and JPMorgan Chase. To the extent that our economic mess seems to be because of an overall lack of confidence in the strength of our economy and its institutions, might we not be better served if the president and Congress insist that we all sit down in front of our TVs and watch the classic Capra movie "It's a Wonderful Life"?

Lyle D. Mutz

Santa Ana

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