Thursday, September 25, 2008

$700,000,000,000.00 Bailout

Lots of folks on TV are telling me we're in really bad shape, economically speaking. OK. I'll buy that. They're also telling me we've got to "bail out" our financial system with $700 billion in tax dollars. Congress agrees. Everyone says the consequences would be awful and, "we've got to do it." I've got only one simple question.


Why do we have to do it? I'm not saying we don't, I'd just like an explanation before I unquestioningly throw $700 billion at the problem. I haven't heard a single person explain the consequences of NOT dumping tons of money into... into... into what exactly? Where EXACTLY is this $700 Billion going to go? Precisely who's pocket will the money end up in? No one has explained exactly how this mind bogglingly enormous amount of money is going to save us from the unknown and unexplained disaster looming just around the corner. Again, maybe we need to do this, but so far I've only been presented with two options:

1) The Federal Government (a thrifty and honest group of folks if there ever was one) gives $700 billion of your tax dollars to the investment companies who have already gone bankrupt writing bad loans (surely a prudent investment) and we all avoid a mysterious and inexplicable catastrophe that is only moments away (recession, depression, plague of locusts, melting polar ice caps, no one knows) by leaping headlong towards socialism.

2) We don't allow our politicians to hand over $700 billion of our tax dollars (after several hours of careful consideration of course) to investment bankers who lost all of their shareholders money, in the hopes of avoiding... something bad that no one can explain.

I don't know about the operational protocols where you work, but I'll tell you this. If someone came to my office and asked me for $700 billion dollars, they damn well better be able to explain why they need it! So far, I would have told all but a handful of these politicians to take the bag of manure they came in with and get the hell out of my office (the rest I would have fired on the spot)! Not because I think this is a bad deal mind you, but because they are completely unable to explain the problem and they are equally inept at explaining why the solution involves spending $700 billion in tax dollars.

For the third time, we may really need this $700 billion dollar deal, but no one is able to explain why. I expect FAR MORE from our very highly paid elected leaders than panicked looks and a knee jerk reaction to reach for America's wallet and throw money at a problem they don't understand.

If anyone knows of a web site that explains the possible outcomes of either spending the $700 billion or NOT spending the $700 billion (or preferably both), please post a link in the combox.

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