We're all confused!

You are not alone!

These are interesting times and scary times. We are all in deep uncharted financial water.

The big, BIG question is, will the $600 Billion bailout work? Only time will tell and none of the experts can agree. Now I read on the Internet that even foreign banks can be bailed out with our taxpayers money. This I just don't understand.

However I do see a common thread between the beginning of the Iraq War and the recent financial crisis.

The blatant use of "fear." With the beginning of the Iraq war, it was the "fear" of the WMD. With the financial crisis of this week it was the "fear" of another Great Depression.

We are now certain there were no WMD's.

Do we have any guarantee that this present "recession" won't develop into a Depression even with the $600 bailout? The short answer is: No.

The other common thread is the "speed" in which the administration acted. Fast, almost to fast.

During the past "energy crisis" a potential course of action could have been the" nationalization" of the US oil industry. I'm using the terms nationalization and federalization as being the same.

If we did federalize or nationalize, the oil industry every American would have benefited ( lower gasoline costs etc) and at the expense of the oil corporations and stockholders.

We didn't do that because it would be seen as a move toward socialism.

Now we "federalize" or "nationalize" the "toxic mortgages" of the banks and financial institutions. Just what is a toxic mortgage?

We now rush bail out the banks ( US and foreign) at the $600 billion expense to the American taxpayer? And we don't know if it will work?

Are we solving the problem or putting a band aid on the symptoms?

With your money some people think they can solve the financial mess they help to nourish and create!



Bill McInerney