Wednesday, September 24, 2008

Trimming the Fat

A few weeks ago I was planning to write a Blog about the Fannie Mae and Freddie Mac bailouts. I waited because I wanted to see repercussions to what I saw as being a signal to encourage more of the same action in the banking and mortgage industries.

Then the government bails out AIG to the tune of 85 Billion dollars. I was aghast and horrified when I heard this news. What’s next was looming in my mind. I feared that the worst was yet to come. And it has.

Now the Secretary of the Treasury, Henry Paulson (read this as the Bush Administration), wants congress to authorize another 700 Billion dollars to bail out our financial institutions. That is $700,000,000,000.00. Look at all those zeros!

The total cost of the 3 bailouts will exceed 8 Hundred Billion Dollars. It’s mind boggling to say the least. This is more than $250,000 per person living in the United States. Now if you redo this figure to exclude non citizens and people under voting age, it escalates to over $420,000 per person (and this includes the guys who got us into this jam – of course they wouldn’t really need it because they have already raped the system).

Screw the people that created this mess, if there is a spare 800,000,000,000 lying around, give to the people who toil for a living. The people that are trying to make ends meet during these chaotic financial times.

Oh yes, I feel sorry for those that put their financial lives in other's hands. But they did it as a gamble that they would increase their money at a higher than expected return on their investment. Should the people that didn’t follow this path, pay for their mistakes?

The Bush Administration and probably the Congress believes so. According to them, bailing out the Fat Cats is good for the general public (that's you and me). It will save our economy. But I know that the Fat Cats will always get fatter; and the idiots that listen to them will stay lean.

The Beach Bum

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Blogger alfredo_tomato said...

Wouldn't it be cheaper to loan the money to the homeowner that's struggling with the adjustable mortgage? Give them a fair fixed interest rate, and see how that plays out? Of course if the borrower is a deadbeat, tough.

Throwing money at rich men hasn't worked well in the past, there's no reason to believe it would work this time.

I don't like the way they are trying to stampede us into signing on to bush's plan. If you've read "The Shock Doctrine" that's what they do to gain power over a scared and confused population. Think "Shock and Awe."

Wed Sep 24, 06:06:00 PM  
Anonymous Uncle Mikie said...

Where do I sign up for the $425,000?

Sat Sep 27, 11:44:00 AM  
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