Well, all the hoopla about the bailout and how important it was to sign $700 billion over to irresponsible gamblers of the banking, stock market and insurance agencies is done and now what?
The stock market continued on its downward spiral so the Fed had to go in a drop interest rates another half a point and it hasn't helped much. Recession heading for Depression is the forecast and what do the bailed-out CEO's of AIG do?
Well, they all cashed the cheque and rushed off to the Monarch Resort here in SoCal for a relaxing get-away consisting of spa treatments, fine wining and dining and beach front suites to retire to after a day of golf and relaxation to the tune of $440,000!
Let's see, $700 billion less $440,000 leaves....? Well you do the math, no one else is!
Now McCain talks about more to bail out the toxic mortgages? Do we really need to bother to vote? Obama will put a stop to the Bush detail and his cronies! mcCain will jsut keep saying "charge it!" He plays with the lives of the Troops like they are toy soldiers he is trying to impress his dead and binge drinking father with the lives of all who get in his way.
Isn't it good we didn't give over our Social Security to the Stock Market as Bush wanted?
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Comments: 17
I was against the bailout from the get go.
And, we will see the consequences really soon.
The bailout isn't designed to help the stock market but to ease the credit crunch so businesses can keep doing business.
As with all economic moves, we will never know whether it was a smart decision. If a recession deepens that doesn't mean the bailout didn't work. Without it, it might have been deeper.
Just as how the economy is at the time has little to do with the president at the time.
Economies are cyclical. In this instance, Wall Street greed, and some admittedly bad policy decisions by the government that contributed to the subprime fiasco, put pressure this downturn to be deeper and longer.
The Fed and the Treasury are doing what they can to dampen that.
The rest of us take a deep breath and go along for the roller coaster ride.
It's OK to scream.
If the Governments buys the banks and buys all the toxic mortgages they will own the land those houses are on and the money will just go into their pockets from every which way. I am 'gob-smacked'!