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$700 Billion Bill (Affect Of Eco Crisis To Thailand)

$700-Billion-Dollar

For several months that most of us, the Thai people, were suffering from our political crisis, and several years with the terrorism in three-southern provinces. No one can deny that these passed months (or years) our attentions were barely pulled away from the local and national issues. Until recently, the news of economics crisis in United State, so called Hamburger crisis by Thais, was spreading out to the world.

If the United state’s economy was a car all of its warning lights would be flashing red. After the Bear Stearns, one of the largest global investment bank and securities trading was collapsed four months ago. Followed by the disappearance of Lehman Brother, AIG (almost), Freddie and Fannie, and the attempt of the US parliament to solve the crisis by bailing out $700-billion-dollar for the troubled banks within the country. This action caused many people, including me, a question of the culture of free-marketeer where governments should not meddle with free markets.

I personally disagreed with the idea of launching $700-billion-dollar-bailout for the investment banks that suffering with bad-mortgage-debts. My first reason, it was not fair for the tax payers that worked their head off to pay their taxes. The tax-money was supposed to use by the government to improve their standard of living, rather than using to clear up the mess of mismanaged banks. The most important thing, this $700-billion-dollar was in the addition to $85 billion agreement on a bailout of AIG, plus $29 billion in support that the government pledged in the marriage of Bear Stearns and JP Morgan Chase. On top of that there were another $25 billion that the government used to bailout Freddie and Fannie. Even though these messes may cause a huge recession of the world economy, I still think it was not fair. And the fact that most countries, even Thailand, would have the way to pull themselves out, or reduce the impact of this economics recession, hasn’t gone...