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.
Simon Barrett
http://zzsimonb.blogspot.com
5 users commented in " $700 Billion Bailout Or A Cop Out? "
Follow-up comment rss or Leave a TrackbackHave you looked who stands to gain the most from these bailouts? The Federal Reserve System. nomedals.blogspot.com
Carl Marx is laughing from his grave.
Your right on Simon
this is so true as to us little guys getting the shaft but not only that can we just get one person in dc that can honestly answer a question instead of going to their own opinion of what they think of a damn soccer game
Fat cats is right, wall street 401k will never see this money. Basically they stole my daughters college money. They should bail out the people, let them keep their home, small businesses and cars (no toys).Pay debts directly collect throught tax refunds etc. Help the working or those who lost their jobs to this nonsense. The banks will get their money. The people who got us in all this mess are not having to pay anything. They should go to jail for stealing. I would go to jail for stealing my money back back so my daughter can finish school and I can pay my house.
Bravo steves, I concur. “Bail out the people”.
Is it so unrealistic to believe that if government were to bail out the people by “arranging to help homeowners to “clear off” $100,000 of mortgage or credit card dept (at a cost of apporximately 530 billion dollars), don’t you think that would encourage a little more spending and get money flowing again? Instead of just lining the pockets of the fat cats? Maybe I’m dreaming, but they can’t take take away from me.
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