In spirit of the unfettered and supported spending frenzy that eventually led the US economy to this point, Pres. Obama yesterday unveiled a NEW plan to bail out homeowners. The cost? Oh another 80 billion dollars (with a B). Now I was one of those people who thought that the initial stimulus package was too big, to vague, and with too many
mis-appropriations. Does 660 million dollars to revamp all the elevators in NYC sound like economic stimulus?
Apparently Otis has a great lobbyist. Otherwise
that's 660 million going to oh about 200 people and their companies bottom line. I'm slowly going through the BILL (
here's the
link ) all 407 pages of goodness and badness and absolute crap. How does one churn out 407 pages in only a few days anyway? One more point NYC got 5 billion, the budget shortfall this year is 4 billion. So how many jobs are you really going to create with 99 million? Very very few, that money is going towards debts- not as promised new jobs. Anyway as a financial conservative (and proud of it) I have serious issues with the bill; and the major one is that I don't think its going to do much- if anything. I firmly believe that we have set a dangerous (dare I say fatal)
precedent of 'bailouts.'
If I may be so bold here's the analogy: You enter a casino but before you actually get to use the casino, here comes a richly dressed person (your banker) who you'd think has much more money than you and he says you need to pay up to play.
OK fine you realize there are costs associated, so you pay, and then watch him take the money you just gave him and lay it on the craps table, where he proceeds to lose it spectacularly. He then comes back to you and says if you don't front him some money the bank will close. Now if its me, after what I just watched I take my money and go elsewhere- but not the government they continue to pour money down this leaky bucket, all the while devaluing my money.
So I ask: You just passed the biggest spending bill in the history of man, and two days later you have the gall to ask for another 1/10 of what you just got? Two Days? So now we have printed and borrowed all this money and we still want more to gamble with? There's a word out there called inflation, coupled with hyper means hyperinflation. All this so called lending money gets lent?
that's what we have, back to double digit inflation numbers. Awesome. We had layoffs at work yesterday, clearly the stimulus plan
benefited them, if companies don't believe it will help then its just one giant loss for the American taxpayer.