Commentary: There is still hope for Wall Street

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Everyday we hear it. Businesses across the nation are closing, taxpayers are foreclosing on their homes in record numbers, and banks are failing like never before as a result of a national credit crunch and excessive borrowing.

Yes ladies and gents, we are in a recession.

And the road to recovery is not off to a very good start.

The first phase of ambitious government bailouts failed miserably.

Wall Street chief executives abused the issued funds and failed to pay off overdue taxes, further damaging the economy.

It seems corporate America has forgotten the meaning of common sense.

As failed institutions continued to put their hands out, not hesitant to take taxpayers’ dollars, they were turning around and giving executives raises that were worth millions of dollars.

What a gig.

In real life, bosses get fired for running a company into the ground. Now they are getting raises.

All the while, these executives seemed to forget it was tax time and numerous companies now have back taxes in the hundreds of millions.

But don’t worry; we can just give them another bailout for that.

As with everything economical, these poor decisions had a trickle-down effect that left Wall Street scratching its bald head.

Republicans blamed Democrats, Democrats blamed corporate executives, and the struggle continues. But the world is not over yet.

President Barack Obama has been in office for nearly 70 days, and already he’s getting blamed for the fallout.

While Obama has by no means acted swiftly during these tough times, he took another stab at the economy and the nation’s credit system March 23 with an act aimed squarely at the crisis clogging the nation’s credit system.

The plan is geared to take over up to $1 trillion in sour mortgage securities with the help of private investors. And for once, Wall Street cheered.

The announcement filled in crucial blanks in the administration’s financial rescue package and formed what Obama called “one more critical element in our recovery,” according to an Associated Press report.

And although the program lacked needed detail, stocks soared. The Dow Jones industrial average shot up nearly 500 points, alone.

As economists and politicians continue to develop news plans to save our nation, Wall Street and taxpayers must follow.

Rather than putting all of your savings in a duffel bag and burying it in the backyard, buy that new product you’ve always wanted.

Just be sure to buy it U.S.-made, and don’t use credit.

Don’t give up on your stocks and investments either.

Because while the current climate is not looking too sunny, there is a bit of light peaking through those clouds.

Our economy will recover.

The only question is when.

E-mail Josh Salman at [email protected]