We are being told by the president and many in congress that if we don’t spend $700 billion on the current bail out proposal financial disaster awaits. This may be true. The question I have is this; If our nation goes further in debt to foriegn business in socialistic nations, how much worse will the disaster be in the future? What will happen when China, Dubai, Saudia Arabia and others determine that the U.S. is a bad credit risk? Will they offer us sub-prime lending agreements? Interest only loans? Balloon payments? What will happen when we are in default?
Bad business practices such as these must not be rewarded. Businesses that engage in them must fail, otherwise there is no reason to engage in honest business practices.
If people, whether individuals or organizations, are insulated from the consequences of bad decisions, there is no reason for them to change their behavior.
Rejecting the bailout proposal will cause some short term pain to be sure. I fear passing it will cost our children and grandchildren the nation that so many fought and sacrificed to build and preserve.
Editor’s note: This letter was submitted before Congress approved a bail-out plan.
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