Yesterday we learned that the bailout is going to change course and go in a new direction. Rather than buying up risky mortgages, to supposedly open up the banks funds, now the money is going to go directly to banks for them to start lending. That's right, the government's plan is to make money available for us to take out loans, get credit cards and go deeper in debt.
Where do they come up with these plans?
The country got in the current crisis due to poor lending practices, now the government is going to provide the money for the banks to do it all over again. Why save these banks? They screwed up and should pay for their greed. Better to support some small and up coming banks that just might have learned a lesson and will follow follow good business practices.
The same is true for GM, Ford and Chrysler. They insisted in putting out the gas guzzling SUVS and pickups and are paying the price. They should pay the price, not me. As I have said, no money to them without very careful controls.
Of course I thought there was going to all kinds of oversight with the bailout, but that doesn't seem to be working. Why isn't Congress all over this protecting our money? I haven't heard anyone say the Treasury Secretary shouldn't change the rules of the game in mid-field.
Even with plus numbers for the stock market today, they do not really foretell a positive change, they rather show greed once again raising its head.
Be careful with your money, any deal that sounds too good to be true is.
Keep an eye on the D.C. gang and let them know when you KNOW they are wrong.
Its Common Sense!
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