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<blockquote data-quote="BobProbst" data-source="post: 4487118" data-attributes="member: 13382">Thanks!&nbsp; I had a good time.If you're interested in the current plan that's going up for a vote today, wiki has a pretty comprehensive overview:<a href="http://en.wikipedia.org/wiki/Proposed_bailout_of_U.S._financial_system_(2008" target="_blank">Proposed bailout of U.S. financial system (2008 - Wikipedia, the free encyclopedia</a>)I think that Ron Paul's sets up a strawman argument to rail against.&nbsp; He mixes truths with over-simplification (whether intentionally or not, I can't say) to propose a simple answer.&nbsp; I'd say that he is putting ideology ahead of reason.&nbsp; This particular failing in the financial industry is not only more complex than any we've seen before but probably more complex than any but the brightest of experts in the industry can understand.&nbsp; I'm not saying this to sound doomsdayish but I think that the global financial market and the financial instruments that have developed over the last few decades are new and very complicated.&nbsp; It's very easy and comforting to take an economic model that is simple and understandable and try to apply it to larger problems.&nbsp; If this were the case of one mismanaged bank, the market should be allowed to consume those assets and restabilize.&nbsp; But the complexity of the relationships between banks and the busted products that got packaged and sold and repackaged and resold put the entire market at risk.&nbsp; Companies that were genuinely acting in the best interest of their company ended up with securities that were rotten because they had been rated as triple A.If we allow the market to just &quot;play out&quot; -- banking will just dry up.&nbsp; Maybe that doesn't mean a lot to you or I -- we think of a bank as place to manage our checking account and maybe borrow a few thousand for a car or a house.&nbsp; But banks, even small local ones, move millions of dollars around every day.&nbsp; They're the engine that makes our entire economy work.&nbsp; Letting them fail would lead to a complete break down of our economy.</blockquote>

[QUOTE="BobProbst, post: 4487118, member: 13382"] Thanks! I had a good time. If you're interested in the current plan that's going up for a vote today, wiki has a pretty comprehensive overview: [url=http://en.wikipedia.org/wiki/Proposed_bailout_of_U.S._financial_system_(2008]Proposed bailout of U.S. financial system (2008 - Wikipedia, the free encyclopedia[/url]) I think that Ron Paul's sets up a strawman argument to rail against. He mixes truths with over-simplification (whether intentionally or not, I can't say) to propose a simple answer. I'd say that he is putting ideology ahead of reason. This particular failing in the financial industry is not only more complex than any we've seen before but probably more complex than any but the brightest of experts in the industry can understand. I'm not saying this to sound doomsdayish but I think that the global financial market and the financial instruments that have developed over the last few decades are new and very complicated. It's very easy and comforting to take an economic model that is simple and understandable and try to apply it to larger problems. If this were the case of one mismanaged bank, the market [I]should[/I] be allowed to consume those assets and restabilize. But the complexity of the relationships between banks and the busted products that got packaged and sold and repackaged and resold put the entire market at risk. Companies that were genuinely acting in the best interest of their company ended up with securities that were rotten because they had been rated as triple A. If we allow the market to just "play out" -- banking will just dry up. Maybe that doesn't mean a lot to you or I -- we think of a bank as place to manage our checking account and maybe borrow a few thousand for a car or a house. But banks, even small local ones, move millions of dollars around every day. They're the engine that makes our entire economy work. Letting them fail would lead to a complete break down of our economy. [/QUOTE]

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