What if the Congress does not take the bait and enact the bailout? It would not be pretty.
Credit markets would seize up, trillions would disappear and jobs would vanish. Without enough jobs, nothing much else happens.
Some guessers think as many as 11 million Americans could lose their jobs if the big money business and housing markets are left to find their bottoms. That’s almost ten percent of the U.S. work force. Not pretty.
Despite the Bush Administration’s best in-your-face efforts to get in our wallets, there is a slow-down mood gaining traction in Washington committees.
Is it wrong to ask for a little more foreplay before we get screwed?
Conservatives are beginning to shy away despite pressure from Bush; liberals instinctively have questions. Don’t forget, up until last week, Treasury Secretary Paulson was wrong at every step about the severity of the economic crisis. Is he right this time?
A rich guy from Houston paid for a full page ad in today’s New York Times that calls Bush, Paulson and Bernanke “the new communists.”
Harsh? Overboard? Yes. And I would not go that far. But so is a trillion dollar bailout that does not punish bad behavior. That's unbelievable.
I don’t pretend to have the answer. But I am worried about my retirement accounts and I am thankful the Congress has not yet panicked into giving George Bush and his cronies the license to plunder the U.S. Treasury. With no legal recourse?