Bush…. The Tax payers’ worst Nightmare

   

Tax payers will have to cough up 700 billion dollars to save Wall Street for its financial problems. This latest plan is president Bush’s’ leaves the White House. What really makes this worse is that most of the Politician are in support of this madness. What happens to the taxes payers’ dollar? Is there a possibility that we will see this money ever again?

The federal Government argues that the money will protect this country from financial down fall and that if they don’t do something now, the American economy will not survive. They will save jobs and save the financial industry. But ultimately (my belief) the money will be saving the butts of some Armani suit wearing, money grubbing, ******* (this is for the lack of better words).  But will we ever see this money again? Will this bailout pull us out of the recession that we are clearly in? I do believe we are about one billion dollar away from away another (slight exaggeration)  Great Depression.

 The New York Times had some questions answered in the article The Wall Street Bailout Plan, Explained written by  David Stout.

The plan will open up the credit lines so that more people can get credits and later on being more dept. Then the cycle begins again because the borrowers won’t be able to pay off the credits that they owe. This is especially due to the fact that they don’t have jobs anymore since they were laid off for the reason that the economy terrible. I interject my own analysis of what will happen with this bailout.

But what does this mean from the federal Government’s point of view?  Will the tax payers see that money again? (redundant I know)

The plan is that the assets that the federal government will get form buying out all these banks (so they can free up the lines of credit) will be more that what they are starting with. This way the federal Government will ultimately have money to put back in the treasury.

I see things way differently, they (fed govt) can’t predict the out come of using this money. People are more afraid of getting credit now more that ever. I know I am. In light of the economy where jobs are limited and even to buy a metro card to work is expensive, why would I want to get credit. I’m not sure how I am going to be able to pay it back.  And the idea here is that consumers will want more credits. Then (fed govt) they will sell back the stocks to the banks and make a profit off of it.   

Let’s face it people unemployment is higher than before, the cost of livings is soaring through the sky.  

So give us our money, or better help the home owners pay their mortgage then the creditors will get back their money back. Does that not make sense?

1.2 million Homes are in foreclosure. I bet 700 billion dollars can pay that amount and leave some money over.     

Jeff Jarvis alluded in his blog what 700 billion dollars could buy, and oh the possibilities. I could get to pay for my masters’ degree two years from now.  

 What a waste of our hard earned tax money