I really don’t get it.
Actually? Let me rephrase that thought. I really don’t get why the feds don’t get it.
And by that I mean, politicians (eg. Congress) that voted in that $700 bailout including another $150 billion in tax breaks via earmarks, and why they thought that it would fix anything as the DOW tanked and global markets keep tanking on any news they make.
Seriously. Get your hand out of the cookie jar. Right now. Not later, now.
Here’s the problem that they don’t seem to understand. Wall Street tanked because banks don’t want to be limited to the bailout money (which had restrictions) which in my opinion is basically because they’ve liked living outside of boundaries for too long. Hey, whatever. If they can survive, great. If not, tough cookies. Life cycle of corporations. But don’t forget that the we’re still in $850 billion in the hole.
Then there was the news that feds was going to buy US commercial paper and create a new federal paper facility where they back the financial institutions. That is an another expense that taxpapers eventually in some direct or indirect manner pays for.
Here’s the thing. Feds keep throwing around “X” billion or “Y” billion numbers back into whatever markets in hopes that it’ll actually do something while as taxpayers, we just eat the cost. But even a fifth grader would understand the basic principle of economics here.
If you already owe someone money, then spending more just means that you’re going to owe someone a lot more money.
And how that particular statement above doesn’t actually sink in, considering we’re reaching into the tens of trillions in debt is beyond me. The more you’re in debt, the less value the dollar is in global economics. And obviously since appointed individuals don’t seem to understand that, the American people have to be proactive in stopping the bleeding.
Otherwise, we’ll all be singing, “Hi ho a cheerio… down the toilet we…. go…”
Photo Credit: (freemarketmyass)