Jason Chan
ROC2 English Composition 1000C
Part One: Reading Reflection
The first source I used for my essay is Mortgage Solution Missing in Bailout Plan, which is a non scholarly blog written by Mary Kane which talks about the subprime mortgage crisis bailout plan and how it still has some problems in the bill.
The second source I will be using is, Bailout Failure: Mistake or Constitutional Triumph? Written by the Wall Street Journal, a scholarly article written on perspectives of the people and some upper class-men toward the bailout plan.
Part Two: Reading Reflection
Mortgage Solution Missing in Bailout Plan by Mary Kane
- Topic: Explaining the holes in the new bailout plan and how it will not effectively solve the crisis
- Inquiry Question: Is the subprime mortgage crisis bailout plan a wise decision or is it a poor decision that will not be a solution and further make America in debt?
- Thesis: Although to the politicians that believe the bailout plan of a 700 billion dollar loan will be the resolve for the crisis many Americans believe otherwise
- Supporting and Complicating Evidence: Statistics, foreclosure rates, video, and peoples personal stories
Bailout Failure: Mistake or Constitutional Triumph? By The Wall Street Journal
- Topic: How the people feel towards the bailout plan’s failure
- Inquiry Question: How does having the bailout plan failing make the people feel and react?
- Thesis: Having the bailout plan being rejected, what other ways are there to fix the crisis without having to establish a loan
- Supporting and Complicating Evidence: Statements, surveys, opinions of reasons why things are happening the way they are
Part 3: Observation
Mortgage Solution Missing in Bailout, goes on a lot of views towards the bailout plan and the flaws that lay hidden behind. The people disagree that even though this maybe the so called solution for the crisis, that there are other alternatives of fixing the subprime mortgage crisis. People are bringing up their own views towards the crisis and their own ways to solving it, as some people are trying to reach the government with their plans
Bailout Failure: Mistake or Constitutional Triumph? Hits towards the feelings of people on how they feel about the bailout plan failing, which most people felt relieved. People are giving opinions on why they believed that the regime failed and why there shouldn’t be another one.
- Kane, Mary. “Mortgage Solution Missing In Bailout Plan”. September 25, 2008. The Washington Independent http://washingtonindependent.com/7437/mortgage-crisis-solution-excluded-from-bailout-plan
- The Wall Street Journal. “Bailout Failure: Mistake or Constitutional Triumph?”. Oct 2, 2008. http://proquest.umi.com.jerome.stjohns.edu:81/pqdweb?index=25&did=1565428151&SrchMode=1&sid=3&Fmt=3&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1223623813&clientId=9216
Part 4: Contemplation: Comparison and Contrast
The two sources I used were, Mortgage Solution Missing in Bailout Plan and Bailout Failure: Mistake or Constitutional Triumph? , which both were similar at most part because both articles talk of the flaws in the subprime mortgage crisis bailout plan. While one article talks about flaws and what other motives could be taken the other talks about people’s opinions and feelings towards the rejection of the plan.
What both articles talk about is both the same as to their topic is both on how they feel about the bailout plan. The plan itself was to buy out the securities in Wall Street in order to fix them up and sell them when rates go higher. In both articles they both don’t agree on this plan because they think they should fix Main Street before they fix Wall Street or all of this trouble will all happen again in the future.
The first article Mortgage Solution Missing in Bailout Plan, had a better overview of the situation than the second. It also included a insightful video called Pain on Main Street, which also talked about what the government was deciding to do and how people were revolting towards it. In the article it says “No where is it more troubling than places like Prince George’s County, the nation’s wealthiest black suburb, which has been hard hit by subprime loans and foreclosures. Credit scores here rank at or above the national average.” Showing a more detailed information.
The second article Bailout Failure: Mistake or Constitutional Triumph?, emphasizes more on the people’s feelings and opinions about why they think or feel the plan was rejected. Just like in the first article this article believes there are more alternatives to turn to than just taking out loans to indebt ourselves just to leave some money in Wall Street. A person from New Jersey said “Considering your stated philosophy of “free markets and free people” I don’t see where this current plan fits into the aspect of “free markets.” I definitely see the fear in various parts of this market, and I believe that the mechanisms that are presently in place — the Federal Deposit Insurance Corp., the Federal Reserve, and even some of the actions of the Treasury — have functioned appropriately to maintain liquidity when the herd has tended to run. Most people are still confident that their bank deposits are secure, and runs on the bank have been limited due to these current safeguards. A new regime is not required.
Todd Hoskin
Jersey City, N.J.”
He believes we should leave the society alone as it is and we will fix everything ourselves in the near future as unlike others.
After considering the similarities and differences of the two articles, is it a wise decision or a poor decision to say that the bailout plan is actually a good solution than a bad one? After looking through my research of the two articles it clearly shows how a majority of Americans do not believe we should use the bailout plan and it would be a fatality if we did.
