>> Tuesday, September 30, 2008
Or does Congress just want us to think it is?
I heard quite a few interviews yesterday with politicians talking about the bailout- which has yet to pass. And thankfully so... I can not believe the stuff they are putting into this bill... Profits back to ACORN (which is under government sanctions for misusing taxpayer dollars)?!?! Are you kidding me?
The way I am understanding this (put quite simply) is that banks who invested heavily in high risk home loans are in trouble. Financial institutions that did not (CitiGroup and Wells Fargo to name a couple) are not in crisis.
I found this transcript of an interview with Senator DeMint from South Dakota. Apparently there is a lot of input from the American people on this subject- at 9 to 1 against a bailout.
One local news station interviewed two economics professors from ISU the other night. And though the tone of their speech indicated they were for a bailout they finished the interview by saying that "it might not work. We'll just have to wait and see."
I'm pretty sure the American people aren't wanting to just "wait and see" if spending such a huge amount of money might work. I'm pretty sure most of us are at the point where we are wondering why our elected officials spend money like they are playing Monopoly. And I think we're getting pretty sick of it.
I'm pretty sure this isn't passing because politicians want to keep their jobs. When it matters to them, personally, I guess they can remember who they work for...
UPDATE (Doug): More at Who caused “the biggest financial crisis since the Great Depression?”.
And, Understanding $700,000,000,000.
"The Bottom Line: If the Treasury simply took the $700 Billion and started paying off taxpayer mortgages, they could pay off every mortgage in the country worth less than $75,000... Or put another way, $700 Billion could pay off well over half of all outstanding first mortgages in the entire country."