Part II

I'm very tired of the lame duck, non-leader George Bush who has really tarnished politics in general. Only 1/3 of Republican in the House voted for the bailout plan, even after a 745am press conference during which he said:

"This bill provides the necessary tools and funding to help protect our economy against a system-wide breakdown. The bill will help allow access to credit so American families can meet their daily needs" [Is it really a good thing we rely on credit for our daily needs?]

"Without this rescue plan, the costs to the American economy could be disastrous." [Just like Iraq had WMD's and was a threat to America's security?]

Why should we trust some 3 page plan he's cooked up that will miraculously fix our troubled economy?

Why are we giving banks $800 billion so we can get credit to buy daily needs? The Economic Stiumulus Act was supposed to fix things, and that only cost $152 billion. If its really about "main street" how about cancelling federal income tax for the year? Or giving us $15,000 refund next year (5x the last Stimulus)? I think an extra 1/3 of income for most Americans would help the economy alot more than buying crappy debts?

And another thing! This proposed mark to market change--"The practice...pegs the value of assets to their current market price, rather than the price paid for them. Banks have complained the strict application of mark-to-market rules has forced them to write down billions of dollars worth of mortgage-related securities, intensifying the squeeze in the credit markets." Poor banks, made bad investments and are whining about it.

If the banks can get that treatment, why can't average people? My net worth would be alot higher if I could say my cars or my IRAs were worth what I paid. Wouldn't that just make things wonderful? If an asset's value goes down, no big deal, its worth what I paid. And if the value goes up, then I make money! No one loses! I wonder why Vegas doesn't operate that way? Its all risk people.

I do agree with raising the FDIC limit for bank accounts to $250,000...its been 30 years since its been adjusted. Ever hear of inflation?

Agree/disagree? Be sure to leave a comment!
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