Congress has once again screwed the pooch. This bailout bill which passed last Friday is perhaps the biggest load of manure to come out of this democrat congress since the Troop Bill with a time line in it in 2007.
President Bush proposed this piece of waste to the congress, most likely, in an attempt to seem like he cared about what was going on and to not seem like a lame duck president, which despite his attempts to prove otherwise he obviously is.
And this Congress, oh this Congress. They took this bill and they loaded their pork on it like bacon bits on a baked potato. And after failing once, they finally passed this bailout bill on Friday. And the market was down Friday, and today it was down 800 at one point, and rallied to being “only” 400 points down at close. Ridiculous.
Now what are we to gain from this bailout bill now that it has seemed to have failed miserably in rescuing Wall Street? Well, we will see the Dollar devalued further. This will result in higher has prices, higher food costs. And unfortunately for us 700 billion was a sugar coated estimate. This buyup/bailout could cost over 2 trillion dollars. Maybe now our government wills tart to realize dumping money on a problem doesn’t fix it. It doesn’t fix education, healthcare, and especially doesn’t help the economy.
Bailout Blunder
By Shawk13 - Posted on October 6th, 2008
Good points. This bill should have failed but instead the democratic congress led by Nancy Pelosi is determined to spend more money to rescue businesses that are failing for a reason: they took business risks which are not greedy and perfectly legal and failed. This is the normal system of capitalism and by passing this bill, we are throwing more money into failing businesses and by rewarding those that took higher business risks, we are hurting those that we financially conservative in their business strategies.