When the market started going south because of the mortgage crisis our Congress led by the Bush administration jumped in:
- A $300 billion "stimulus" bill which sent a check ( welfare payment) to almost all of us.
- An $85 billion bailout for AIG.
- A $25 billion bailout loan to US auto companies who now want another $50 billion.
And finally, a $700 billion bailout program to save "Wall Street" and "Main Street". More than 60% of Americans were against the bailout bill, but our politicians said "We need it to save the economy". I joined this 60% of Americans and sent letters, emails, made phone calls to our elected politicians urging them to let the free market work and kill the bailout bill. But our politicians knew better; all we received were canned responses and they passed the bill.
So the government made all of these moves to save us from a bad economy and the market crashed even more than anyone expected. The more bailouts, the more the market went down. If you want to put your faith in our politicians to run the economy be my guest. I'll take the free market and let the chips fall where they may.
Sadly the American people made the right call on this stupid bailout, but Washington did not listen. And now Obama and his Democratic Congress are talking about another "stimulus" package...how exciting, another "free" check for all of us...with money we do not have.
As a kid I remember we told each other "moron" jokes. I recall one in particular: "Why did the moron keep hitting himself in the head with a hammer?" Answer: "Because it felt so good when it stopped hurting". The American people just elected an inexperienced but smooth talking "socialist" as President, and they gave more power to a House and Senate that includes most of the same old cronies that have screwed things up so badly. Reminds me of that old joke.
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