Who exactly is going to benefit from this? As one pundit put it ‘The fat cats on Wall Street’. In my mind this person is exactly right.
What could $700 billion do? Well you could do a lot. You could pump it into the bank accounts of people that need it. Instead it likely will find its way into the coffers of the people that need it least. Last time I checked, if you screw up on a loan, the bank, and then their henchmen come after you. In this case, just because you are a bank and screwed up, the Feds will bail you out. Where is the sense in that?
Both of our knights in shining armor, Obama and McCain were part of this $700 billion nonsense. They met with King Bush in a closed door session this afternoon. And the rumor mill has it that they are behind this plan. Of course to go against the plan would greatly annoy some of the big ‘contributors’ to both campaigns.
It poses the question, does it matter which party you vote for? In my mind it does not. Either way you are getting big government. Either way you will not get what is promised on the stump.
I know how much I have in my wallet, I go to the store and I buy what I can afford. If I see a roast in the grocery store that is outside my price range, I leave it on the shelf! Of course this plan does not work with the financial world, they have been buying Filet Mignon but could only afford Chuck Steak.
The question in my mind is ‘how much of this $700 billion is going to the little guy’? Well, it is my opinion that $699 billion will go to the fat cats that have created this problem, and the other billion will go to administration costs. This will leave exactly nothing to help the problem.
I am in shock that either Obama or McCain would sign on to such a stupid, and pointless idea.