Ill-Conceived Taxpayer Revolt

I now hear from CNN that taxpayers are revolting against the bailout plan. They object that why should they pay for the mistakes of all these fund managers and banks? I can see to some extent their anger. We pay the government taxes, then the government gives this money over to mismanaged companies. One person says, "The government does not have $700 billion dollars. WE have $700 billion, and it is being taken from us." Another one says, "Stop blogging, posting comments, and call your congressman."

This now reminds me of the American Revolution. That Fourth Turning was started by anger by the people over taxes, although the rowdy devil-may-care attitude among the youth of that era was a contributer. I do not think the Fourth Turning that is now occurring will be like the American Revolution.

As I said in my previous blog, it won't be like the Great Depression either. This is because people will do it a different way this time, and there are protections now that weren't there in 1929. Instead of standing aside, preaching about prosperity around the corner, and letting the free market freely take down all the stocks and all the banks along with it, we are now bailing out all these companies and holding the line on the market threat. I believe Mr. Paulson says if we don't approve of this proposed $700 billion bailout package, the result will be disaster. I believe he is correct. In fact, if we don't pass this, a repeat of the 1930s Depression will occur. These people that are complaining about the government robbing them with these deals are probably not old enough to know what this Depression was all about. 62 is a pretty old age, but if you are 62 years old, you have never experienced what this Depression was like, and neither has anyone younger. We forget because those who were around then are few and not speaking up as loudly as they were.

So now is not the time to be self-righteous about how the Government is robbing you of money. We need to support the current efforts at trying to keep things afloat. Congress needs to pass this emergency measure! If they don't, the Dow will plummet 1000 points in one day, and you can prepare to see much of your life savings disappear. Of course, those who run the companies need to be thrown out, but let's keep the companies afloat so we don't have another 1930s Depression.

Write your Congressman, and tell him you support the plan.