Freedom to Succeed and Fail

So the bail out plan didn't get passed. You know what? It's a good thing, and I support the legislation. So what if a few more banks fail before a rescue plan is secured. Obviously, American people aren't losing jobs yet (in large numbers) or out of house and home, or they would think something should be done. The majority of Americans are working hard and don't want to save financial markets used by rich people.

When the effects of the crisis hit home, they will. And, at that point will it be too late? No. A $700 billion bail out will affect the financial markets a year from now in the same way, greasen'em. It's just going to be more Wall Street turmoil, and a longer recession until then.

Over the past 10 years Americans haven't seen the benefits of economic growth (the economy has grown but wages have remained flat), so economic growth isn't important to them. Economist's are saying how bad it is, but if people call their representatives (and it's great when people call their representatives) to tell them they don't need it, maybe it's not as bad as the omniscients think. Economists like you to think that they are all knowing and all powerful, but they're not.

Yesterday the stock market dropped more in a single day than it had in recorded history, and today companies in the Boston region are still announcing growth. The Boston Globe reported "Despite turmoil in financial markets, venture capital hasn't completely dried up for the region's promising technology and biotechnology companies. Link Medicine Corp., a Cambridge biotech company, plans to say today that it raised $40 million in additional venture funding to help launch clinical trials for its lead drug". Economically speaking, this is a source of job growth and the source of economic growth in the long run, innovation.

So a few more bankers lose their shirts. That's what the American people want, and the government should realize that the constituents have a collective intelligence. On occasion it is far superior to their own. The U.S. government might be in a much better state of affairs if it listened to the will of the people more often.