Monday, September 22, 2008

CASH FOR TRASH!


Why didn't we come up with this idea?
$700 Billion dollars for worthless, "toxic mortgages," or meaningless IOU's?
You and I are paying for worthless debt!
John Dillinger, the bank robber of the 1930's ,would be proud. Instead of robbing banks, have the banks rob the government, and of our money! WoW, what a deal. Leave it to those Wall Street boys and girls!


Now I see why I should have gone to Business School and obtained an MBA! It doesn't get much more absurd than this.
The $700 Billion, from what I read, is a done deal. I think it was done months ago.
The big question is "What really happened to our financial and fiscal systems?"You won't like the answer.
We do hear some voices of sanity. Laura Rowley is one of them and she writers for Yahoo Finance. Yesterday she had the stones to write" The root problem is a cocktail of debt with a chaser of pathological optimism and many Americans got drunk on both!"
Yes, that four letter word that Mom and Dad, warned us about. DEBT. We are a nation drowning in debt: house debt, commercial property debt, student loan debt, car debt, credit card debt, business debt, government debt and so on.
In my opinion, our brilliant pals in Washington are just buying some time to save face. Both sides of the aisle and you know: shame on us!
Are we heading for a recession or depression? Well, I think they are both somewhat like the flu. It's long after one is infected before the symptoms begin to show!
And now we're all seeing the symptoms. Pass the asprin I don't feel so good
Bill McInerney

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