spellcheckman's Blog

Thoughts on the bailout.

700 billion, then another 250 billion for the banks 10 days later, because Europe rescued their banks.  That's about a trillion borrowed bucks.

The people voting for the bailout  could not have read and understood everything in it.  It is several inches thick of paper, and there aren't very many pictures!  They were under the impression they had to do "something,anything!"

Why not let the instituionalized banks fail like personal bankruptcies, and use the trillion to start over with new banks and personnel managing them.  It's like going back to the same plastic surgeon to fix his screw up.  If he was trying real hard the first time, why would the second visit have a better outcome.  Same thing here.

Still no mention of the 53 trillion in unfunded Federal liabilities, a prime reason the bailout will fail.

The aforementioned 1 trillion bailout was to  help free up the credit markets.  Somethings wrong here.  They want people to BORROW  more money they don't have to get the economy going?   The only thing that could possibly lead to is more foreclosings and personal bankruptcies. 

The stock market is down another 300 points today, largely on news on the decline on consumer consumption.   Not only are the consumers tapped out, and their 401k's beaten down, there is no confidence either.   Paul Volcker has determined the U.S. is in a recession.  About 5 months too late!  Next will come inflation because of the soon to be devalued dollars.  Inflation rate of 1982 soon to follow

The next president will be a one-term President because of all this.  I don't care who it is, it really won't make a difference.  Florida votes, as usual, won't count in this election this time around either.  

Buy land.