The bailout-stimulus-Christmas-in-October-bill that just passed the Senate should not be confused with thoughtful legislation. It's larded with junk designed to convince Main Street that it too will share in the welfare being doled out to Wall Street Masters of the Universe. The need for the bailout has yet to be demonstrated. The efficacy of the proposed plan has yet to be demonstrated. Here's hoping that the House of Representatives, that great holding pen for would-be senators and future criminals, keeps it spine and still votes no. At the same time, this might be a good time to declare citizenship in another country.Well, I am not ready to do that, but I am ready to chastize every Member of Congress who has bought into the hysteria, or more specifically, every Republican who has done it. Fearmongering and massive government intervention into the economy is standard Democratic fare, I don't expect them to change their spots.
Yes, the markets have tanked, and yes, IRA and 401(k) plans have taken a hit and not to mention that the notion of a "privatized" market based Social Security is now DOA even if there were a GOP Congress in control.
Have Americans gotten so used to phenomenal growth and nothing but profits that we are so addicted that we will take and approve of such drastic steps like this one? Business comes in cycles (that is why it is called a business cycle). With every upswing comes a downturn. But face it, we are better off now that we were 10, 20, 30 or 80 years ago. People have not lost their lifesavings. People are standing in line not for bare necessities like food, but for luxury items like an iPhone or new computer.
We need to stop looking for the dark cloud and the government handout and fix this mess ourselves.