Bailout should be made painful to CEOs and CFOs
Published 6:10 pm Monday, September 29, 2008
Ouch. After lawmakers opted to kill the proposed $700-billion bailout package, the Dow Jones Industrial average plummeted more than 750 points.
Stocks began falling even before the 228-205 vote to reject the bill was officially announced on the House floor. The 777-point decline for the day surpassed the 684-point drop on the first trading day after the Sept. 11, 2001, terror attacks.
According to the Associated Press, not enough Congressional members were willing to take the political risk of voting in favor of the buyout just five weeks before an election. That’s an angle I hadn’t considered; not voting in favor of the bailout because it could be used against them as they seek congressional re-election?
Isn’t that what got us in this mess to begin with? National and world banks that had no accountability to make decisions based for the good of the people are what started this. Lawmakers who refuse to step forward and vote for something they claim is for the good of the people, but politically unpopular is what will keep us there.
I’ve been against this bailout from the start, but I agree something needs to be done, and I understand that something may mean some sacrifice on my part. I thought the bailout made it too simple to forgive poor decisions. There needs to be some accountability to these CEOs and CFOs who have helped drive the stock market down nearly 3,000 points by not closely monitoring their economics.
Unless we compile a “bailout” that holds the people who caused the need for action accountable and punish them, we’ll be right back where we are now a few years down the road.
– Jason Cannon