Monday, October 06, 2008

Just for the sake of history...

I think I should record this "bailout" in our blog, so that when my children are someday trying to pay back trillions of dollars of debt to foreign countries after an economic depression, they'll have record of where it all started. Even though we're hearing plenty of, "phewww, thank goodness politicians passed that bailout bill. Now I can sleep easier." I'm convinced that nothing is that easy. Didn't we all learn as college students or teenagers that paying off one credit card with another is just not a good idea? Here's a snippet of the side of the issue we never hear about.

"100% against it [the bailout]. It will be financed by money that we don’t have- so either we’ll print more (thus devaluing the dollar even further and giving each and every one of us an increased tax through continuing inflation) or we’ll just borrow from China or Japan like we’ve been doing to finance war, etc. Not exactly National Security to be indebted to foreign creditors. Furthermore, it’s loaded with pork- special interest money. Have a look:

Total number of bailouts gets us closer to $1.8 trillion in commitments, added to the 53 trillion dollars (you read that correctly) in commitments when you factor in social security, the federal debt and medicare. You don’t want to know how much that equals per taxpayer.

As an economic matter, it is no fix at all, and will likely make things worse (which is what happens when the gov steps outside its rightful role). A free market system is supposed to allow for corrections and downturns as a way to punish (not reward) in this case- the Wall Street Casino Capitalism. We aren’t doing anything but propping up bad debt that needs to be cleansed from the market place. You have to ask yourself- of the economists “for” the bailout, which are intending to say “good economic policy” or rather just looking out for their investments in Wall Street? No one knows. We also don’t know a lot about the process of these bailouts because so much of it is being done without our understanding. Everyone should be deeply concerned that legislation supported by only 25% of the American people was just voted and signed into law.

The American people have been had."

Hmmmm, I'm thinkin "Neither a borrower nor a lender be." Simple yet profound don't you think?


John said...

Very insightful comment. With all the concern for "Main Street" they (Big Government) have just saddled main street with the debt that Wall Street should have had to eat. BTW, looking at the market after the bailout, the market closed under 10K for the first time since Oct. 2004!

Jeanine said...

I asked Justin this tonight, and he didnt know, either (dont tell the folks at the Dole Campaign!)... where do all the PORK references come from?? "Pork Barrel Spending", "Pork Money", etc... what do we have against pigs anyway? What happened to bringing home the bacon being a good thing?? Anyway, great post - for posterity's sake. :)

Simile Metaphor Collection

Elijah after running: My heart is beating like a coconut rolling down a hill.
Elijah on urination: Pee is like horses galloping out of the gate. Once they get started you just can't stop them.
Elijah: If school were a human I'd give it a wedgie.
Elijah: I am like a hot rod and I just want to be a plain old Ford
Elijah on the fruits of the spirit: I've got them all covered except self-control. Its like a tiny green tomato and the rest are all big ripe ones. Especially love. Its like the biggest tomato we saw in the garden tonight.