The Big Bail Out Grows

Economy Comments (1)

George Bush is bailing out his buddies, the one’s who caused the current WORLD economic crisis, to the tune of untold hundreds of Billions of dollars. He is also getting other nations to jump on his band wagon to help shore up the ailing Financial Markets in the United States.

“These measures will require us to put a significant amount of taxpayers’ dollars on the line,” Bush said.

“This action does entail risk. But we expect that this money will eventually be paid back,” he said. “The vast majority of assets the government is planning to purchase have good value over time.” (source – CBC News)

There is no doubt that action is needed, and once more the Taxpayer is being forced to foot the bill for the incompetence of its elected leaders. REGULATION is required, but the Bush Mantra (and Harper Mantra) that the Markets will sort things out, is just bull shit. Fact is, these mega corporations have done everything they could to rape the pocket books of the average citizen, who now has to come to their rescue.

It is also due to the inaction of Government to step in when the problems were serious, but not critical. For example, the housing crisis. With so many homes being close to default, that was the time to act, to freeze interest rates, to ease the crunch for consumers.

In addition, the unrestricted credit market, where every Tom, Dick, & Harry could get credit way beyond their means, should have been addressed long before now. We, the people, aren’t financial geniuses, yet are left to the mercy of these shysters, their greed tactics. And now we have to bail them out.

The economic situation demands some immediate changes, one of which is to stop the bleeding.

Before you can begin surgery, you have to stabalize the patient, that means stop the unrestricted flow of blood. Yes, you do this by pumping in more blood, but also by quickly staunching the hole where the blood is coming from.

FREEZE GAS PRICES NOW, and avoid the added strain on the economy. It is the added cost for everything, from food to producing building materials, that is taking needed cash out of the system, and putting it into already stuffed coffers of Big Business.

FREEZE FORECLOSURES OF HOMES NOW, to further stop the bleeding from home owners, who are losing everything, to these big banks. Instead of kicking these people out, adding more homes onto a slumping market, start a program to examine EACH & EVERY FORECLOSURE to work with ways to either ‘FORGIVE‘ the accrued charges, or to work out DOABLE PAYMENTS, that won’t leave the homeowner destitute.

FREEZE CREDIT CARD RATES so that the interest rate charged on UNPAID BALANCES is in line with the current Bank Rates. I mean come on, banks pay less than 3% for the cash, but charge consumers up to THIRTY PER CENT on unpaid balances. Bring it back into line, so the consumer has some breathing room.

If you are going to spend hundreds of billions of dollars to buy up useless mortgages from the one’s who started the mess, put a FREEZE ON TAXES. Give the consumer a chance to catch their breath. Spend the hundreds of billions towards insuring that essential services in Cities & States aren’t compromised due to the drop in property tax revenues.

Ian @ September 19, 2008