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As Henny Penny would say,"the sky is falling",and indeed it is.The stock market lost a trillion dollars on Monday,peoples life savings were wiped out,Ira's were wiped out,401'ks were wiped out.Who's to blame? Start with George Bush,all he has done as President is to fatten up his oil buddy's wallets.Now that he is a lame duck president,I am not even sure that members of congress are consulting him on anything.His opinion is worthless.
Had there not been a steady and constant infusion of easy money and credit into the Ueconomy by the Fed for years on end,a housing bubble of the magnitude of the one that just exploded would have never happened.Politicians of both parties coerced banks,S&Ls,Fannie Mae and Freddie Mac to make all those sub prime loans,and they put rotten paper with good paper,and sold to Banks all over the world,and that is what caused the Global Crisis.
The 2008 campaign trail promises us to eliminate the power of lobbyists,and special Interests.But the bailout proposal reminds everyone that the taxpayers a re left holding the Bag,People are resigned to a government that's focused on helping the big guy,just As this President has done.I know a fellow who is slower than pond water,but he figured that out.Goose
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