$700 Billion Rescue Plan. Passed.
On October 6th, 2008, the global market took yet another huge hit as the Dow plunged below 10,000 points, with effects looming to spread beyond Wall street to what most politicians and financial economist coined as, "Main Street."
It seems the "Rescue Plan" which lends financial firms over $700 billion of American tax dollars is not stabilizing the market, or even fooling investors into committing to it. In fact, most are beginning to repel from the market, due to its unpredictability, as the bottom of the global economy continues to fall out.
$700 billion dollars. A Rescue Plan is what the government has tried to spin it.
However, lets be honest and call it what it is - a bailout. A simple, "Uncle Sam, we messed up badly, now fix it."
It's very much understandable for the reason for this bailout. If several more financial firms fall under- mortgages, 401k's, loans, and employment go with them. And attempting to fathom the destruction, effect on crime, unemployment, and income rate that would have on this nation is endless.
However, it boggles my mind how CEO's received six-figure Christmas bonuses last holiday season when city officials and economists cautioned the trouble waters ahead for 2008. It is amazing how greed consumed many on Wall street, giving loans to just about anyone willing to sign on the bottom line to raise interest rates and lock innocent, financial suckers and/or those looking for help, into lifelong mortgages and credit loans they cannot afford. All with the simple objective of taking advantage of individuals and seeking to make an extra buck upon their already millions.
Yet, although this has been as clear as a tidal wave approaching shore on a crisp fresh morning, our leader claimed, "Our economy is sound."
I believe in a capitalist structure. It has worked. It can work. Although yours truly cannot claim to any financial investment expertise, there has to be something wrong with a struggling middle class paying for the mistakes and greed of established millionaires.
There has to be.
Credit Crisis. Foreclosures. Collapsing global economy. Rising cost of living. Increasing unemployment rate. Decreasing middle class.
I guess our economy is in fact sound.
For the love of money is the root of all evil, and $700 Billion is deafening.
On October 6th, 2008, the global market took yet another huge hit as the Dow plunged below 10,000 points, with effects looming to spread beyond Wall street to what most politicians and financial economist coined as, "Main Street."
It seems the "Rescue Plan" which lends financial firms over $700 billion of American tax dollars is not stabilizing the market, or even fooling investors into committing to it. In fact, most are beginning to repel from the market, due to its unpredictability, as the bottom of the global economy continues to fall out.
$700 billion dollars. A Rescue Plan is what the government has tried to spin it.
However, lets be honest and call it what it is - a bailout. A simple, "Uncle Sam, we messed up badly, now fix it."
It's very much understandable for the reason for this bailout. If several more financial firms fall under- mortgages, 401k's, loans, and employment go with them. And attempting to fathom the destruction, effect on crime, unemployment, and income rate that would have on this nation is endless.
However, it boggles my mind how CEO's received six-figure Christmas bonuses last holiday season when city officials and economists cautioned the trouble waters ahead for 2008. It is amazing how greed consumed many on Wall street, giving loans to just about anyone willing to sign on the bottom line to raise interest rates and lock innocent, financial suckers and/or those looking for help, into lifelong mortgages and credit loans they cannot afford. All with the simple objective of taking advantage of individuals and seeking to make an extra buck upon their already millions.
Yet, although this has been as clear as a tidal wave approaching shore on a crisp fresh morning, our leader claimed, "Our economy is sound."
I believe in a capitalist structure. It has worked. It can work. Although yours truly cannot claim to any financial investment expertise, there has to be something wrong with a struggling middle class paying for the mistakes and greed of established millionaires.
There has to be.
Credit Crisis. Foreclosures. Collapsing global economy. Rising cost of living. Increasing unemployment rate. Decreasing middle class.
I guess our economy is in fact sound.
For the love of money is the root of all evil, and $700 Billion is deafening.