Bailout passes Senate, goes for House vote on Friday. So some of you out there HAVE to know more about economics than me. Explain to me WHY companies whose leaders mismanaged themselves INTO this problem have to be saved. HOW if it doesn't have a giant cash band-aid put on it RIGHT NOW the whole world goes up in flames...
I see people pointing at Washington Mutual as a sign post that the bailout MUST HAPPEN OR ALL OUR BANKS WILL BE NEXT. Except WaMu got gobbled up by a financial institution that DIDN'T fuck themselves. So as far as I can tell, anyone who has or IS banking with them is at the same spot as before. WHY can't the same happen to the others? Let them become weak and easy prey for solvent companies?
Because hell, I could easily be missing something here. I'm no finance expert. Or even a dillentante. But all I see as the reason behind the urgent need for the bailout are vague forecasts of doooooom and constant mentions of the Great Depression. So educate me. PLEASE...