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Well I hope all of you people who were against what you call the
"Bailout" are happy. Based on data I obtained today, the government did not spend 700 billion dollars and the American Tax payer lost over nearly 2 trillion dollars conservatively in their 401k plans alone. This does not count investments that were in other types of saving plans. Add to this the fields that will not be planted because the farmers can not obtain financing for his next years crops, inventories that can not be purchased because of no financing, new plants that will not be built because there is no money for the required mortgages; the list goes on forever. Don't forget the loss in jobs that are in industries dependent on construction and loans to finance their operations. For years John McCain, President Bush and others warned congress repeated, but the "Do Nothing" Congress saying there were no problems with the bill clinton policies that created the sub-prime excesses that led to the current crisis. Congress has still not admitted they were in error with the off shore drilling ban, while they have quietly let the ban expire. Now the American people are paying through the nose. In essence, congress has done what it has been doing for years; passing the problem off to someone else to fix or to suffer. Now the American public is paying heavily in their incompetence as losses in income, saving, and jobs. I will bet you don't get your cars greased either because the $30 is to much money to spend. |