Silent Majority of Seniors Mutes Loud Activists

By Markos N. Kaminis - Economy and Markets:

The bailout bill comes up for vote again this afternoon, and THANK GOD, it looks like enough votes have been won for passage. Yes, here's one blogger who favors government intervention in this manner this time around. Tainted by opposition mislabeling, the so-called "Wall Street Bailout" failed passage last time around, thanks to the incessant phone calls of angry activists to Congress. Well, after the Dow Jones Industrial Index (NYSE: DIA) submitted over 800 points as a direct result of that vote, the silent majority stood up, dialed their Congressmen and slapped them in the face. I believe their words went something like this, "how dare you!"

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God bless America! It took an 800+ point loss to wake it up, but America's silent majority finally stood up. By demographics, America's silent majority is our aged and wise population, and it assuredly stood up and slapped its Congressmen in the face this week. Our seniors, who are easily capable of making as many phone calls as our activist minority, made that phone call when they saw their retirement savings take a blow to the belly as a result of the House's ill-conceived decision making, which was perverted by louder voices. However, just as the soft paper covers the vicious rock, our wise seniors are overcoming angry activists.

While democracy helps to insure the voice of the people is heard, this time it nearly sent our economy into depression. Activists, who often line up for the latest cause no matter what it may be, and sometimes scream simply for the sake of hearing their own voice, got behind Ron Paul and Dennis Kucinich, two often similar voices, and naively and YES ignorantly nearly ruined us all.

I respectfully hear the views of the other side of the table, and some are made more convincingly than others, just as some are based on more concrete footing than others, clearly. And, as you've likely noted, as Editor-in-Chief of Wall Street Greek, I encourage debate and venting of all views for the sake of the better good. My good friend, economist and critical thinker here at "The Greek," Mr. Ferguson made some of the best points against this bill that I've heard thus far. Ferguson's work, and please see his articles, makes strong case against this bill. This is clear, but I still disagree.

Listening to wise voices allows for a more rounded view and greater understanding. For this reason, I encourage you all to review all of our work over the past few weeks. And, at the same time, note that Wall Street Greek is NOT partisan, and truly represents the independent voice.

I look to Warren Buffet, a wise and aged voice, and I see a link between the opposing views, and it's a solid link. While Warren agrees that these capital creating efforts could prove detrimental to our economy down the road if not later offset, he also views the passage of this bill critical for the short-term stabilization of our financial sector, and therefore, the potential saving of our economy from a panic stricken run on the banks, liquidation of investment portfolios, and CLEARLY, resulting unraveling of the American economy and the promotion of economic depression. Mr. Buffet even goes so far as to call this bill "a good deal" and sees the potential for government gain over time, thus taxpayer gain as well.

If We Don't Pass This Bill

If we don't pass this bill today, here's what I think will happen. Just as the market collapsed the first time around, it will collapse again, in my view, however to a point of great capital destruction. The credit markets are gravely ill and banks are starving. If we don't pass this bill, with its now inclusive FDIC insurance expansion to $250K, I believe more depositors will find the doorstep of National City (NYSE: NCC), and eventually, maybe even the likes of Citibank (NYSE: C) and others. Banks will fail as America loses confidence in them. As equity values collapse further (already the result of September statement receipt), all types of investment portfolios including, God forbid, pension savings plans, will likely see massive withdrawals. Selling begets selling my dear Americans. Pension funds would have to liquidate holdings, thus driving asset values even lower. More funds would flow out of American investments, and catastrophe could very well befall us.

So, instead of blaming Wall Street, while this bill aims to preserve banks from Lombard Street to Columbus Boulevard, instead call your Congressmen today and tell them to pass this bill.

Sign a petition right here today by showing your approval for this Bailout for America, and for all of us. Click on this link below, and offer your vote of support for this bill.

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