Wednesday, December 17, 2008

Bailout Backlash

More and more Americans are beginning to resent the continual government bailouts of corrupt or poorly run companies.
Americans have begun an angry backlash against bailouts that could become a national revolt in 2009.

The Federal Reserve has cut interest rates by some 500 basis points. Government agencies have poured close to $8 trillion into banking bailouts. The Treasury secretary has promoted massive government support of troubled, failed and corrupted institutions.

This program is a 100 percent top-down exercise involving the largest amount of money in history.

Virtually none of this money directly helps average Americans. Virtually none of it trickles down to the people who suffer the most and pay for the program.

After $8 trillion we are still debating whether any money should be used to directly help average Americans.

The Fed has cut rates dramatically. It is shameful that after all of these rate cuts and all of these bailouts, banks continue raising credit card interest rates, lowering credit lines, refusing to lend to creditworthy businesses and allowing the Grapes of Wrath-like foreclosure crisis to continue with minimal effort to address it.

The banks don’t trust the banks. The banks don’t trust their customers. Business does not trust the banks or the government. Taxpayers don’t trust anyone.
Sorry, I am not surprised.

The amount of money that is being spent could have given each person living in America some $20,000 each.

I wonder if the lawmakers who supposedly read The Hill, read that article and even will consider it.

No comments: