What is going on in the free world? We knew that financial systems were getting hit hard; however, the nationalization of banks, devaluing of the dollar, and breeding of irresponsibility seem contrary to the aid the nation requires.
Almost every Friday for the past month, increased rumors about the nationalization of banks have echoed up and down the floors of Wall Street. Such a fright has sent the markets diving at the end of every week the topic is broached. The institutionalization of the nation's financial sector is the first step toward a more socialist lifestyle and the destruction of capitalist values. A federalized banking system would merely increase inefficiency and bureaucracy of which the federal government is already quite effective.
In addition, to demonstrate the federal government's capacity (or lack thereof) to handle this economic rollercoaster, the Treasury Department has been playing an increasing role in attempting to fix the economy. I wrote in a previous article that ""the Treasury Department will be working overtime printing money"" to fund the rampant government spending of late. In fact, this originally facetious statement is not far from the truth—much to my dismay. What better evidence to illustrate this fact than a news clip that has been posted on YouTube: youtube.com/watch?v=R2Npvl3fUks. The clip graphically illustrates the exponential rate at which the US dollar is devaluing as the Treasury Department has increased the printing of US dollars. What does this all mean? It means that the money you have saved in your bank account is decreasing in value as you read this. No, someone is not directly pulling money from your account, but according to economics, as more money is printed, the purchasing power decreases. Thus, it seems as if you have less money.
On Thursday, Rick Santelli, a reporter from CNBC inquired of the Chicago Board of Trade floor regarding the mortgage bailout plan, ""How many of you people want to pay for your neighbor's mortgage that has an extra bathroom and can't pay their bills?"" The answer was a chorus of boos. No surprise there.
To me, this seems to be crossing a line. The policy as it currently stands will merely breed irresponsibility. Heck, if I owned a house and owed a mortgage, I would stop making my payments after this housing plan was unveiled. It just does not pay to make responsible decisions. This scenario merely teaches that if you do make good decisions, then you get the privilege of paying twice. How nice of the federal government. What is going to happen when all the responsible individuals decide it is no longer in their best interest to be responsible? This plan only works if there are those token dependable citizens, and they are punished as a result. This should not be so. Rick Santelli asked, ""President Obama, are you listening?"" This is the responsible populous calling.
Join the capitalist rebellion and save that upon which our nation was founded! Do not let irresponsibility be rewarded. Neither your assets nor the assets of our elders should be devalued by the immoral actions of the Treasury. Be aware of the actions that your government of ""hope"" is implementing to aid you in this time of economic woes.
Sean McMaster is a junior majoring in biochemistry and mathematics. Please send responses to opinion@dailycardinal.com.
