As a young man firmly entrenched in America's middle class, a.k.a "Main Street" I have to say that I am quite underwhelmed, and frankly disappointed in the decisions our elected officials made to pass this bailout. On one hand, I am relieved that my savings account is now insured by the FDIC up to $250,000. Thank GOD! I now have a $248,500 dollar cushion. Now I can finally get some sleep!
On the other hand, myself and my fellow tax payers are on the hook for up to $700 bil. We have been assured that the government may actually make money on this new legislation, so we might not have to pay anything at all. Fat chance. Since the passing of this life saving legislation, the Dow Jones went from closing at 10,325.38 to 9258.10 today. That's a drop of 1057.28, even after the Fed dropped the Federal Funds rate to 1.5%. Good job! No, really, pat yourselves on the back. Way to show those 200 economists that wrote a letter saying the bailout was a bad idea. I bet they feel really stupid right now. Prolly really embarrassed. I'm really glad you all are in control of our nation's financial future.
I also have to say that if they really wanted to help "Main Street", they shoulda cut us a check! Take that $700 bil. and distribute it equally among everybody that is eligible for a tax return. That way, everyone that is behind on their mortgage could catch up, maybe pay off some past due bills, I could get my conspicuous consumption on. You know, stimulate the economy from the demand side and whatnot. At any rate, the bailout is politics as usual. Special interests get their money, big business gets help, and the common man gets the bill. I had hoped Barack would oppose the bill, but I imagine there was just too much pressure to get it passed. Anyway, this rant could go on for days, but I'll cut it short here.
Do you.
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