The Extra $110 Billion Sweetens The Deal.......
Okay, everyone can now breathe a sigh of relief, right? Hell, who knows..... Congress has no idea, President Bush has no idea, Paulson and Bernanke have a bit of an idea, but they're not certain by any means.
In theory, what the Treasury Dept. did makes sense to allow banks to extend credit to consumers and each other. Still, there are other things that could and should be done to get things straight. Taking steps to keep people in their homes and paying is paramount. However, if Congress wants to accept Joe Biden's absurd idea that those who aren't paying should be rewarded by increasing their principal amounts, then my support ends. Let's not reward bad behavior folks...
Of course, Congress got this passed by how it usually does it - by bribing the stragglers. the extra $110 Billion has nothing to do with the current crisis. They increased the AMT so less Americans will be caught in the higher tax trap, then they added money for rural education and adding money for mental health hospice care... That will do tons to lower mortgage payments. hey , it's how DC works....
Yeah, it took a little while to remind everyone in the business world, but they finally realized that the American Consumer is still the driving force behind a stable economy, and if they can't pay the bills, business suffers. Yep, it's a tricky tightrope we walk, guys. No doubt that this crisis has left an indelible mark on the people here. Maybe this hasn't affected how you look at your finances, but it has to me. I might not buy another car for a decade, the credit cards will grow an inch of dust on them, and I might even try to save money again. If I can....
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2 comments:
i certainly am worried instead of going out drinking a pint i will sit in the rocker on the porch watching the fire burn
It's probably more fun anyway. The Slough is where it all happens anyway...
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