Revenge, rather than stopping the bleeding

Dr. Richard Peterson, a founder of MarketPsych, a hedge fund that makes investments based on neuro-economic research, just happened to be in our studios when news broke that the House had voted down the financial bailout bill.

Peterson, who is also a practicing psychiatrist, told Marketplace Money Host Tess Vigeland that Americans and congressional representatives were more concerned about exacting revenge than taking action that would set the financial markets on the road to recovery.

Here's a portion of his interview with Tess.

More from that interview will be on Marketplace Money this weekend.

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Dr. Peterson, the Taxpayers are concerned about "FAIR PLAY" not "Revenge".

If I make bad business decisions and my small business fails should I expect the government to bail me out? Should the bankrupt homeowners expect the government to give them money so they can buy back their homes? Should the government pay off my debts? A free market society dictates the answer to be "NO".

What's good for the Goose is good for the Gander. In this case, the "Gander" wants a change in the rules by crying "WOLF" and "The Sky is Falling".

It's "Fair Play", not revenge.

Besides, I get Credit Card applications every day advising me of wonderful interest rates - so don't tell me that there isn't credit available.

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