"Public Ownership, But No Public Control"

Paulson's bailout is a transfer of $700 billion from the government to its banks. What the people don't know is that this money is a collection of public debt that will be taken from the interest payments (in relation to inflation of the mortgages) and will allow for the increase of the number of existing Wall Street billionaires. Nationalization of the banks, which is a crucial point of the bailout, will "coexist" with this conundrum. Paul Craig Roberts believes that this concept is being used to draw the attention of the people to the "big" picture, instead of the numerous loopholes that exist in the bailout. There is no need to distribute tons of public money into the banks. What the government needs to do is attack the problem at its source: troubled and foreclosed mortgages. Instead, they are trying to establish unnecessary institutions to provide "aid" to those financially troubled. As the main source continues to be ignored, the number of failing mortgages will rise causing the country to go into even deeper debt. The country has already hit an all time low, lower in comparison to the Great Depression not too long ago. There has been the introduction of credit swaps, but the idea is insufficient and lacks any beneficial qualities toward the people. Double-counting of assets is also available if a bank purchases a company’s bonds. But as an overall overlook of the bailout, it has been concluded that this bailout was a result of panic and lacks any organization or support from any analysis of the country's past downfall. For more information, click here to view an article.

I believe that the audience of which this article is acknowledged towards would be the people. The people who are unaware of our country's slyness and hunger for greed. The author allows the reader to understand in what position our nation is heading economically and can hopefully figure out where they stand individually. As an individual of this group "the people", I feel that this article should be well noted. Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. With his past experiences, especially through such an institution as the Treasury, I believe that Roberts should receive a lot of credit for this article. Due to the support of other articles, and from what I've observed of the stock market for the past week, I am influenced by this author's perspective that this bailout is indeed, not a hoax, but something that should have been passed in a "patient" manner.