Peyvast

I have been an active supporter of Senator Obama for president in 2008, however I am very disappointed at his position on NewsHour about the recent Fed bail out of Bear Stearns when Senator Obama said:

“The Fed has taken some good steps. I think they have been innovative in trying to pump liquidity into the market. I think assisting JPMorgan Chase to purchase Bear Stearns was a sound decision, given that the alternative was probably Bear Stearns going under, which could have triggered a domino effect in the market”

Senator Obama can not speak of change but support the same old policies of bailing out the big wallstreet firms who made wrong choices instead of letting the bad apples fall and allocating funds to help improve the situation at the main street where homeowners are not able to afford their payments. Printing dollar in order to inject in to the markets is nothing but making Americans indirectly bail out wall street firms.

The more dollars are printed , the less its value which means the assets of Americans are worth less. Printing more money and bailing out reduces balance sheet of Americans which has same exact effect as taxation. Taxing the public to save the wall street firms is NOT A GOOD STEP and not any different than what has been prescribed all these years which got us in to this mess to begin with.

This does not mean Hillary Clinton or McCain have any better policies. NO THEY DON’T. They have the same solutions but such solutions do not represent CHANGE. They simply are repeats of the mistakes of the past. I prefer Obama over Clinton, but then later I will continue to observe what Obama’s policies are and IF they seem to be the same as others and do not represent true change, coming November, I may chose to stay home.. I hope not !