I'm sure that there are lots of people out there who understand this whole $700 billion dollar bailout business, but I'm not one of them. Here's what I do know (and you can correct my ignorance with nice comments, i.e. don't call me stupid):
1. Our financial industry, particularly our lending agencies, are strapped for cash
2. They got this way from making risky loans (adjustable rate mortgages) to people who were screened well enough
3. All of this money that was now in play was thrown around in an effort to make more money (insert the word 'greed' here).
4. When these mortgage rates increased, people couldn't pay their monthly mortgage and many foreclosed on their loans.
5. Now these banks are out of their money and the housing market is in a crisis.
6. All of this - and I know my viewpoint is incredibly simple - trickled down to effect almost all areas of the financial market and, BAM!, we've got a mess.
So the solution that the financial industry gave was to bail them out of this mess. If I'm not mistaken, they caused this fiasco so I'm not so excited about getting them out of it. Depending on who you read or listen to, the sky is falling and we're heading for another Great Depression if we don't do something or we'll be okay, it just will take some time.
Count me as one who really doesn't know what to think. My gut tells me that, if you make your bed, you need to sleep in it. But at the same time I don't want to see people suffer and lose everything they've worked so hard for (my retirement account right now is worth enough to buy maybe a couple of pizzas...not really, but it's taken a huge hit).
As a follower of Christ I want to have compassion on those in need. In this situation, those in need created this mess for themselves. Now more than ever I wonder what Jesus would do in a situation like this.
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