Seven Hundred Billion Bailout?

September 25, 2008

The president has spoken. Ben Bernanke has been before Congress. Christopher Cox has let the SEC run wild. Paulson doesn’t want to be the man at Treasury when all hell breaks loose. Does anyone really know what’s going on? No way. What everyone wants is for the immediate problem to go away and for those that make millions a year to keep on making them and throwing the debt to our children.

Can you gather I think the BAILOUT is a COPOUT?

Republican presidential candidate Sen. John McCain announced Wednesday that he is suspending his campaign to return to Washington and focus on the “historic” crisis facing the U.S. economy. News flash! We don’t need yet another COngressman on the hill, especailly one looking for a major photo-op! The 533 ones that are there now can do just fine with McCain or Obama.

Republican officials said that Paulson had bowed to demands from critics in both parties to limit the pay packages of executives whose companies benefit from the proposed bailout. They spoke on condition of anonymity because Paulson’s decision had not been formally announced.

Limit the pay packages? Limit you say? Cut their pay!

Former General Electric Co. Chairman and Chief Executive Officer Jack Welch said the U.S. economy faces a deep downturn in coming quarters, and he supports a proposed $700 billion government rescue package for the financial sector. “I now believe we are in for one hell of a deep downturn,” Welch told the World Business Forum in New York on Wednesday, adding that the first quarter of 2009 will likely be “brutal.”

We’ve been living in a house of cards and building one of straw. We can’t keep pretending all is well and that all we need to do is add a trillion more fiat dollars to our economy so we can PAR-TEE for a little while longer. Bush will probably get something because everyone is predicting dire circumstances. I say let’s take our medicine now and not wait until surgery is needed a lttle further down the road.

Written by Ernie · Filed Under Daily Commentary

Comments

3 Responses to “Seven Hundred Billion Bailout?”

Lessons To Learn Before 2012 on September 25th, 2008 12:46 pm

[...] View Past Archives Home / 2012 / Blog article: Lessons To Learn Before 2012 Previous: Seven Hundred Billion Bailout? [...]
America: From Capitalism To Socialism on September 26th, 2008 2:54 am

[...] Ben Bernake’s $700 billion bailout is only the opening ante! [...]
Andre Spencer on October 3rd, 2008 11:48 pm

For some reason the whole bailout stinks to high hell, why should the people have to pay for corporate america’s failure at making money off the unfortunate workers of our great nation.The wealth of america lies within the oil barons among us that believe thier pockets are more important than the people. Wealth should be spread among us than the few of us, Why don’t the institutions that brought us to this point pay for this mess,why do the people of this great nation have to pay for thier mistakes. Would anybody pay for thier friends loans, I think not, at least not me anyway. So here’s the thing why don’t the bigwigs putout 70% of the bailout and the people 30% or something like that but make it fair on us ,the people, before it gets to late and none of this help any of us.