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Entry #31
====this is another blog entry for my English class's "mandatory 2x/week blogging" assignment====
I hate to venture into the realm of politics, just because it's such a controversial subject and I know that many of you may not care to much about it because all the candidates appear the same to you, however I feel like complaining a bit about this "$700 Billon Bailout" plan that failed, was revised, and just now OK'd in the senate. Even if you don't care much about which candidate is the better one, or have strong feelings one way or another, because this is an issue that directly relates to the economy of this country (which will effect us in the future if it doesn't already), it should be something you care about.
First of all, I grew up in a blue state (Massachusetts) in a liberal family with liberal relatives, then moved to another blue state (Washington) to study at a very liberal school (Digipen) that should help us enter a very liberal industry (the video game industry), so naturally I am a very liberal person and will be voting for Obama come November. Now, I really don't like the $700B Bailout that both Obama and McCain supported and voted for, and from the looks of it most Americans disagreed with this type of extreme measure too. In such a divided race, why would both candidates agree on an issue that is not supported by such a large amount of their voters? I do not know the reasoning behind it, because it doesn't seem like much of a political stunt when both candidates do the same thing. Anyway that's not the point, I just want to bitch about how stupid spending $700 billion is right now.
Part of the bailout plan is to increase FDIC insurance from $100,000 per account to $250,000 per account. Now, in this time of financial crisis, whoever has more than $100,000 sitting in a bank account isn't doing too bad for themselves right now, so naturally this increase insurance is only going to apply for the people that weren't having any major problems to begin with. There's also the issue that it is not the smartest thing to have over 100k sitting in a bank account in the first place. If you have expendable income like that, you should invest it or place it into safe securities. I know the economy is bad and all, but there are safe ways to invest in this time of crisis (I am not an investor so I don't know what to invest in). Either way you look at it, this element of the bailout only helps the people that don't need the help to begin with (unless you think having to settle for the 100 inch plasma instead of the 120 inch plasma means they need help).
I'm sure the bank CEOs were afraid that they were going to have to skip the next model of Ferrari and stick with their old outdated 2008 models for another year because they banks were failing. I bet they were happy to hear about this bailout package. No need to worry anymore, you can afford your 2009 model and probably even the 2010 model preorder too, all at the expense of the hard working American middle class.
Taxes are a good thing generally. You can't have government services without taxes, and so much of what makes society work (public schools, roads, communication systems, research) is partially or completely funded by the government. I don't mind government spending when it's something worthwhile. The $10 billion per day that's being pumped into iraq is definitely not a worthwhile use of tax dollars. Why should we spend so much money to blow the brains out of some random middle eastern country that was no threat to us (we never found WMDs remember, there was no definitive proof in the beginning either) when that same amount of money could be spent funding research to find cures for deadly diseases or find a cleaner energy source or make public education actually worthwhile (that in itself is a whole different rant I need to write). You know, stuff that helps the world become a better place.
The $700B bailout isn't going to help anything or anyone besides the CEOs of the banks the money is going to help. What about everyone else who lost their jobs or their houses or their cars or their belongings? Is anything being done for them? Why should we help CEOs when there are so many more average folk who need help. I guess all that's left for them is escapism through booze and video games (and guess who's going to be earning a living through making video games in the near future. Yup, it's not all bad for me it looks like, especially because people will give up eating before they give up playing video games. But it's not about me, otherwise I'd be no better a person than the senators that voted to OK this stupid bill).
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