It’s been around a week since the unprecedented bailout plan was proposed to save Wall Street. The plan that was devised in desperation to avoid a repeat of the great depression is intended to provide quick relief to the failing mortgage market. As one might have expected, politics has been and will continue to stall the implementation of the big bailout - perhaps until it is too late.

This past week has been pretty hectic with WaMu collapsing and every politician out there pretending to know what to do in order to solve the economic crisis. It’s pretty bad when a plan that’s supposed to provide immediate relief takes so long to put into motion that Time magazine writes about it before it gets fixed. We may in fact begin to speculate over whether it will ever materialize at all - some people believe the best solution to be that Wall Street bails itself out. Either way, it isn’t the best idea to bail oneself out by taking out a bigger loan to pay the old one off. Or is it? Maybe it’s just me, but I’ve never been very fond of going into debt in the first place. Cheers to the genius who brings us out of this mess before it gets too bad.

Related Posts

• November 6, 2008 -- Congratulations, Mr. President. (0)
• September 17, 2008 -- BS News: (Much needed) Pot of Gold for AIG (0)