[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/26/art.economy.a.gi.jpg caption="Are Federal Bailouts the answer to a country made great by a free market society?"]
FROM CNN's Jack Cafferty:
The financial crisis is uncharted territory.
Nobody knows if a $700 billion government bailout will do the trick or not. If we do nothing, the pessimists suggest we're headed off a cliff. Granted, in time and left to their own devices, the markets would likely self-correct. The question is whether the country could stand the pain that would undoubtedly involve.
On the other hand, if we allow the federal government to, in effect, take over and/or manage some of our biggest financial institutions, we have compromised our capitalism. And no one knows what the long term effects of that might be either.
The engines that drove our economy to be the most powerful the world has ever seen are free markets and an entrepreneurial spirit that allows those willing to take big risks to reap big rewards.
According to an Associated Press-Knowledge Networks poll, 57 percent said they think the bailout is needed to keep the U.S. economy out of a serious recession. But only 35 percent said they think the plan would resolve the financial crisis.
Here’s my question to you: Should the government bail out the economy or should the markets be allowed to correct themselves?
Interested to know which ones made it on air?
Unfortunately, I think we need a bailout, one that strips CEOs of their golden parachutes, allows judicial reworking of bad mortgages, and one that ensures Americans will share in any profits made on this deal down the line. And we seemed ready to move forward until Captain Geriatric air dropped himself into the Capitol to save the day. Right.
Rich from San Clemente, California writes:
The markets will correct themselves. The bailout is just that. In the absence of any meaningful changes, like banning short selling, banning credit swaps, re-regulate, etc., this will happen again.
Jayne from Newark, Delaware writes:
I don't think we should bail out Wall Street, I'm for free market correction. In America there are opportunities but not guarantees.
Patrick from Baldwin, N.Y. writes:
The dot-com craze was financed by people who knowingly gambled with expendable income. This is different. Greedy corporations should not be bailed out on the backs of innocent taxpayers. We never stood a chance to benefit during the "good" times, so why should we suffer during the bad?
Doug from Watertown, N.Y. writes:
Don't do anything Jack? I've seen the movie and read the book, "The Grapes of Wrath". Hoover was a public works project, not a successful President. Just ask anyone over 75 what they think of the idea of not doing anything!
Barbara from Florida writes:
Maybe what this country needs is a good old depression. Tough, yes, but a bail out gets us deeper in this whole mess. I just pray that my grandchildren aren't still paying for it in 20 years.
Greg from South Carolina writes:
I'm not sure about the bailout, but Jack moving to Chile? Now that's an idea we should all support!