OK all you out there, we have got to fix this economy. We know a lot of you have lost your jobs and your homes and a lot more are living just one paycheck away from a disaster. We know a lot of you don't have health insurance and would be devastated by a major illness, and we know a lot of you are eating macaroni and cheese three times a week while you try and keep up with your credit card debt. And that's before the credit companies raise your interest rates for no particular reason other than they can.
It doesn't matter. A future even worse than you can imagine given your current situation awaits us if we don't do something fast. Look at this headline: Wall Street woes may force Bush to assert bigger role.
Yes, that's right. Unless we can turn this economy around, president Bush is going to get involved. Do we have to tell you what that means?
Didn't think so.
president Bush and Treasury Secretary Henry Paulson so far have responded to the upheaval by proposing a series of voluntary measures, but since none of those measures involved both men voluntarily leaving their positions, the crisis deepened with the collapse of Bear Stearns.
Bush and Paulson have preferred that the markets resolve the trouble themselves. The Fed will provide as much as $30 billion to JP Morgan Chase & Co. to help finance the purchase of Bear Stearns after a run on Wall Street's fifth-largest securities firm.
When asked how a government bail out of an investment bank could be considered letting the markets resolve themselves, president Bush said it was very important to remember that this was a government of the people for the people "and CEO's are people too."
"Delaying that correction would only prolong the problem,'' Bush said on March 15 in his weekly radio address. He vowed to avoid "bad policy decisions.'' Paramedics, on hand in case of a presidential head explosion were not needed, but three reporters were treated for irony whiplash.
Subscribe to:
Post Comments (Atom)
’)
No comments:
Post a Comment