Wednesday, September 24, 2008

Lame Bailout


I'm not an economist nor the son of an economist, but I say the proposed bail out of the housing market is ridiculous.

We're prolonging the inevitable recession by wasting tax payers money based on the word of a Secretary of the Treasury that hasn't made a good decision yet.

Of the $700 Billion that will likely be approved by the Congress and President (at the request of Sec. Paulson), much of it will prop up a bloated housing market and continue to skew what real house values are. There will also be billions of dollars earmarked for various political causes that have nothing to do with the current financial crisis. That's how all bills that go before Congress turn out. This will be a monstrosity of epic proportions and in the end, we'll still have a recession unless the energy situation is rectified, the war spending begins to go down, capital gains taxes are dropped, etc. etc. We have to stop spending money we don't have.

But what do I know?

3 comments:

Michael Lockridge said...

I wrote my representatives and the President himself to ask for my bail-out. I am promoting the "trickle-up" theory. I figured ten to twenty million in my pocket would greatly help my local economy.

It just seemed better, to me. I would pay off my mortgage, my other debts, the debts of my children, establish educational funds for family members, and many other good things.

I could renovate my house. That would employ people. I could landscape my yard.

I could buy ice cream for EVERYBODY!

I am hoping for my check in six to eight weeks.

Rick Calohan said...

I am opposed to any form of redistribution of wealth, however I received an email yesterday from my uncle the Teamster and similar to Michael’s post you know if they are just going to give the worthless printed up notes away why not just give it back to the people.

$700,000,000,000.00 / by the US population = $23 million and some change.

Put the money back in the peoples’ hands and here are a few examples of what could happen with all that money in the hands of the American people.

Of course, your firstfruits go to God so 10% in tithes and whatever additional offerings going to your churches can take care of the needs of those in their community and throughout the world in various missions.

Pay off your mortgage – housing crisis solved.
Repay college loans – what a great boost to new graduates
Put away money for college – it will be there
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs
Invest in the market – capital drives growth


However, since we cannot be trusted with our money because in the government’s eyes we would probably just go out and buy bigger homes, bigger cars, bigger televisions, and just max up our credit cards. This is how those “evil” corporations and we got into this mess in the first place.

I am Rick Calohan and I approve this message.

Frontier Forest said...

Sister Judy Nagel sent me this to pass on: Applies to this ridiculous bailout too.
TEN PREDICTIONS NO MATTER WHO WINS THE ELECTION:

1. The Bible will still have all the answers. 2. Prayer will still work. 3. The Holy Spirit will still move. 4. God will still inhabit the praises of His people. 5. There will still be God-anointed preaching. 6. There will still be singing of praise to God. 7. God will still pour out blessings upon His people. 8. There will still be room at the Cross.
9. Jesus will still love you. 10. Jesus will still save the lost.
ISN'T IT GREAT TO KNOW WHO IS STILL IN CONTROL?