It’s interesting that in spite of everything, every single person in the world of economics knows that the United States is in a recession. Let’s face it. The forecasts are coming in Friday, but they already look grim as they’re being projected with US employment to be lower, car sales are lower, and pretty much everything bad is on the rise.
Yet, the Senate goes and passes the $700 billion bailout bill with insane earmarks such as tax exemption by those that create “certain wooden arrows designed for use by children”.
That’s right. Even this so-called bill that has so much national attention is getting earmarked with ridiculous claims and passing the cost onto the taxpayers. Don’t you love it? And now we’re waiting for the House to actually make its move. Will they also be the righteous and deny this bill again? I mean, let’s face it. $700 billion in the hole is just something we’ll be paying for during the hard times. And it’s here to stay, don’t let anyone tell you otherwise. Why must financial markets get a bailout, when small businesses fail all the time and no one bails them out?
You also know that constituents are letting their Representative know that they’ll be watching. In fact, there have been so much traffic at the House’ website, that they can’t handle the traffic apparently. Which really should tell you something. And that something is that, regardless of what sort of Armageddon speech you’ve heard, global economics is not dependent on the United States. Nor is it dependent on whether or not we throw every solution in the book, at the problem…. at the same time. Here’s to hoping that they do the right thing again.