Daily Times

Sir: Many in the financial markets were hoping that the US Congress would bail out the financial sector with an unprecedented $700 billion bailout plan. However, Congress has rejected the bill, sending Wall Street into a tailspin. As an expat Pakistani who has been living in the United States for fifteen years, I welcome this move by Congress. I pay my taxes regularly, manage my finances carefully and do not give in to the temptations of easy credit. If I was to engage in reckless financial behaviour, and start buying luxury items on my credit card and gamble away all my savings, will the government bail me out? Of course not, because the state expects me to behave responsibly with my personal finances. Similarly, these Wall Street bankers who have done something even worse — gambled with other people’s money for their personal gain — should not be rescued either. Had Congress bailed out Wall Street, it would have provided legitimacy and official backing to the reckless behaviour of Wall Street fat cats. I hope President Bush will get the message and will not pressure Congress.

Further, while this shock was needed to put Wall Street in its place, I do worry about the impact this will have very soon on economies around the world. Given the interconnected nature of the global financial system, all countries, including Pakistan, will suffer from this crisis. As they said, when Wall Street sneezes, the rest of the world catches a cold. One hopes that the governments in other affected countries will show prudence and care in guiding their economies to safety.
ZAHID KHAN
United States