websmith

Batten Down the Hatches: Economic Forecast

It's a little late to batten down the hatches. The boat is already swamped and that last $700 billion did it.. That tends to happen when you borrow, spend, and give away $11 trillion. It's time to start bailing and you can't do it with the same cash that swamped the boat.

What happened to that $700 billion, anyway. This was such an emergency need that surely they must have used a large chunk of it by now in addition to the $400 billion that the Fed send out to foreign banks while Congress was approving the $700 billion. To hear Paulson, Bernanke, and Bush tell it, the banks were all sitting around with their mouths open gasping for air.

In the meantime, we noticed that Federal Reserve Stock holders Chase and Citigroup are going to make out like bandits buying up assets for pennies on the dollar.

Now the headline reads, "Housing must mend to see economic recovery". What was the purpose of the $700 billion?

We weren't born yesterday. Washington was and they have been scammed again. As soon as we replace the Congress members and Senators that voted for this bill next month, we need to raise their salaries to say, $1 million so we can attract some talent to the next election.

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