30 Sep $700 Billion Wall Street Bailout Is Now A Rescue Package For Main Street
This blog is about Debt. Our leaders in Washington are about to strap us with a bucket load of debt. Debt that will be with our grandchildren, even though the Government anticipates making a profit. Make no mistake there will be a bunch of arms twisted, and We Will Have A Bailout Bill soon. The question is how are they going to sell it to the American Public? Yesterday’s historic vote was a perfect example of how the Spin (Bush) Administration will sell the deal. What a difference a day makes: Yesterday’s activities in Washington directly impacted the stock market to the tune of a 777 point drop.All of the talking heads on television wanted to get the interviews with the Congressmen who voted against the bailout bill. Some of these Congressmen and women had valid reasons to vote against the plan, and some of them did not. Now, the rhetoric has changed dramatically. Why? Because the American public spoke out against the bailout by contacting their Congressmen and Congresswomen. Since that public outcry and the vote against the bailout, the new battle cry is this is a rescue plan for Main Street. I think I have heard it 50 times already that if we don’t pass this bill, employers will be unable to meet payroll, people won’t be able to get car loans, and now jobs are in jeopardy. I read the latest version of the bill, and quite frankly, I don’t see it. I don’t understand how buying bad debt will guarantee that the car dealer down the road will be able to finance his inventory. What Washington doesn’t understand is that Main Street is already feeling the pinch of this economy. In Southwest Florida, we have been feeling the pinch for over a year now, and no-one is bailing out our economy, and likewise, we do not want to bailout a bunch of banks and Wall Street.
We are being sold a bill of goods that will only benefit some banks and Wall Street. To be perfectly honest with you, my clients and everyone I know is against this bill. Our leaders in Washington actually listened because the American Public threatened to hold them accountable by voting them out of office. We will have to wait until Thursday for a vote by the Senate.
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