Well it’s done and gone…
The revised $700-billion bailout to the Wall Street fat-cats was passed by US Congress today. $700-billion of taxpayer money taken from the hands of the poor and given to the rich.
The lesson to be learned here is that it’s only “intervention” in the economy if it helps people (ie. not business). What Bush is doing is “stimulating” the market. No one wants to admit laissez-faire can fail. If the Republicans were really supporters of the free market, as they purport to be, they should have just let the banks fail.
Of course, I don’t want mass suffering, but you have to understand that I don’t see this cash influx doing anything to help the economy as it stands. It’s really just putting nearly $1 trillion back into the hands of the moronic businessmen who caused their own businesses to fail with consistently poor management. The trickle-down effect does not work, and it will not alleviate the suffering of those who need the most help the most urgently. Even if the trickle-down effect did work, it would take a long time for those at the bottom rungs of “economic life” to reap any benefits.
We’re going to hell in a really expensive handbag.
