In my post on October 2, 2008 entitled “Just Say Whoa to the Bailout Plan,” I pointed out that dozens of the nation’s top economists had serious reservations about the plan to spend $700 billion to bail out banks. Turns out, they were right. The latest we’re hearing from Treasury Secretary Henry Paulson proves it. Incredibly, he now wants to stimulate consumer spending by making credit even more available to consumers. I guess all those bad loans the banks made weren’t enough to convince him that easy credit can ruin an economy.
Whatever your religious beliefs or affiliations may be, I suggest you start reading The Trumpet. Robert Morley has written an article about Paulson’s most recent plan that’s right on target and highlights the disturbing nature of what’s going on in Washington called “In Paulson and Company We Trust.” This is scary stuff – Old Testament scary.
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Uh… as I’ve said before, I’m no economist. But isn’t the forcing of banks to meet quotas for giving out sub-prime loans partially responsible for this mess? I could be off, but if I’m not, then making credit more accessible to fix the economy is the very definition of insanity (doing the same thing and expecting… well, you know).
The economy is dying, and as it takes its last few gasping breaths while trying to swim to shore, those in power are throwing rocks at it saying, “Grab onto the rocks and we’ll pull you in!”