An Old Testament story reminds me of our position, The American People, our position in the last two years, since the early/midst (2007) of the credit crunch, Sub Prime fiasco was folding and here is the story:
Yiftach Hagiladi became the eighth Judge of Bni Israel, he is described as a none scholar who gathered around himself an army of outlaws, a gangster. At this time (the year 2779) due to the Tyranny and oppression of Bnie Ammon, the Israelite have reached a point where they couldn't bear the oppression and have decided to fight the Ammonites, since they had no trained army, or no army at all the called upon Yiftach Hagiladi to fight for his people, not to mention that he was surrounded by outlawed fighters. Yiftach Hagiladi accepted the High judge positions and negotiated with the Ammonites, the intense negotiations were fruitless therefore he have decided to battel, Sichon the king of the Ammonites. Yiftach declared a vow to God and said, "If You will indeed deliver Bnei Ammon into my hand, then it shall be that whatever emerges ... from the doors of my house toward me when I return in peace from Bnei Amon, it shall belong to God and I shall offer it up as an elevation offering. Meaning will sacrifice to God.
Yiftach was victorious and remained Judge for six years.
Behold! His daughter was coming out toward him ... When he saw her he tore his clothes and said, 'Alas, my daughter! ... I have opened my mouth to Hashem and I cannot recant.'
Pinchas The high priest was there, and still he (Yiftach) says, "I cannot recant?" Rather, Pinchas said: I am the High Priest, son of the High Priest, how shall I go to an ignoramus?! Yiftach said: I am the leader of the judges of Israel, head of the officers, I shall lower myself and go to a simpleton?! Between the two of them this fortunate girl was lost from the world. Both were held accountable for her death:and condemned by God.
The conclusion of the story is that between the two big ego's the daughter was slaughtered.
We the American people are Yiftach daughter, in 2007, Our President George W. Bush, Secretary Paulson, Chairman of the Federal Reserve repeatedly told us, we will not, will not bail out the speculators, we will not bailout the wall street risk takers, they have to be accountable for the decision they made, if they are homeowners who followed a dream of bettering themselves of greedy bankers who no profit was enough for them, between the President, the Secretary the Federal Reserve Chairman and the Bankers we have reached a depression, a economic Tsunami which had depleted generations of wealth, which some will definitely die from, financial death or real one.
So what is the point, All the “Too Big To go Under” the Mega Speculators are being bailed out now, late 2008, Fanny,Freddy, AIG, Citi Bank and the rest of the crowed together with hundreds of banks, headed by criminal executive that master cover up, play with the numbers, cook the balance sheets, we the people, the small business owners, the retailers are being dealt with, maybe nowadays, we have to be patient, it will take time, a lot of us will die, close shop, will disappear, the big guys are saved, no one will be accountable.
A question will remain, why the Bush administration, the Federal Reserve and all the smart economist waited so long to help the little speculator, or the most conservative individual or business men who are being killed by the way of this Tsunami, Why a Cancer was treated with Aspirin time and again.
Numerous articles, blogs were written during this period, screaming, stating, help the home owners keep their homes, this is the read deal, if millions will lose their home, their main concern will be survival, not spending, those millions will shut their wallets, others will hold back out of psychological fear, or diminishing portfolios, 401K, pension funds and our retail economy, which 70% of it depends on spending will contract to where few will be able to weather this vicious contraction where millions will lose their jobs.
Help the homeowners, rewrite the mortgages as per Ms. Shiela Bair formula, by doing that home values will stabilized, American will see the light at the end of a dark tunnel, with a couple of major stimulus packages, sizable ones, with thawing the credit by way of forcing the big banks to do so or else-no bailout, no help- for every dollar given to them, credit should be extended, in reasonable terms, to credit worthy Americans and businesses and this long and tiering recession will be over by the end of the first Obama quarter in office, April 2008 – Hopefully.
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