[Dateline 24 September 2008]
I know everyone else in the country is talking about this latest bailout plan. I guess I’ll weigh in.
Hank Paulson & Ben Bernarke are saying they need 700 billion bucks in order to stave off a financial crisis. They want the money now, meaning by the end of this week. They want virtually no congressional oversight about how they spend the money.
My simple understanding is that they are going to buy bad debt from banks & lending institutions. In other words, they are going to bail out the bankers. The moneylenders of the nation are licking their chops over the prospect of this kind of money coming to them.
To the credit of some members of Congress, they are balking at this request. or, so it appears. But I think we all know that in the end they will give the 700 billion.
In the words of Patrick Henry, “I smell a rat.”
Hank & Ben are using fear to manipulate and get this unprecedented amount of money, not to mention concentrated power. Perhaps the fear is justified. Perhaps the economy will crash & burn if this quick fix is not implemented. I really don’t know. But my advice to congress is Just say NO.
And let the chips fall where they may.
What think you?
By the way, 700 billion divided by 300 million people is $2,333.00 for every man, woman, & child in the country. If they are going to throw away that much money, why should the bankers get it all? Send me my "share." Is this insanity or what?
P.S. Is your bank in trouble? Click Here to read my blog on this subject.
Mar 30 17 - I was off today so I had time to take Aggy with me when I let Dusty graze. It was a wet morning and wet dog by the time we got done. A friend told me about...
50 minutes ago