Update to Previous Post...

To my great amazement, the bailout plan was voted down yesterday. You can read about it here.

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Credit CRUNCH!

With the announcement this morning that Citigroup is purchasing most of Wachovia's assets, the list of surviving major financial institutions continues to fall. Later today, the vote on the proposed $700 billion bailout will take place. It looks like, because most government officials feel that there is no other alternative, the vote will be in the affirmative. This concerns me a great deal. What incentive do future CEO's of these banks have to manage their institutions prudently, and without stuffing their own pockets, if they know the government is chomping at the bit to "rescue our economy" at every sign of weakness? Although I'm definately no expert, I think that letting our economy fall even farther, allowing those companies with bad policy and greedy corporate management to go bankrupt (real bankruptcy... the kind you don't come back from) would be a good thing in the long run. I just don't see things being a whole lot different after the bailout than they have been for the last 15 years.

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Flying Solo

Hello Blogging World...

I've wanted to create my own blog for a long time, and I've finally gotten around to doing it. "The World I Know" will be a work in progress for as long as it takes me to fine tune the look and layout. I hope you enjoy my ramblings. All comments are welcome.

D

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