Hey everyone! There's a big problem in the financial markets right now. They need help. Let's pass this $700 billion package to help them.
Congress: No thanks. We want it to pass, we just don't want to be the ones on the record as having voted for it. Fail!
Hey, c'mon guys. We're in bad shape. Please?
Congress: Ok. Can you at least tell us what you're going to do with it first?
Um. Sure. Yeah. Uh... we're going to uh. Help. Yeah. That's it. We're going to help!
Congress: Oh? You're going to help? Well here you go. That's good enough for us. Enjoy the $700 billion with a B.
Oh thanks. By the way. We're not helping very much. Too bad, so sad. Sorry about your luck. Um, but by the way, we actually do need an additional 1.8 TRILLION FREAKING DOLLARS to uh, help. Yeah, help.
Congress: Oh? Ok. Sounds good to us. Everyone likes help.
Lastly, we're not sure what the real cost is going to be and we're just pretty much going to give money to people we like so that they can throw big parties. Is that alright with you?
Congress: Sure! We love to party....
That's my interpretation of the past events detailed in this article.
Effectively, they're not doing anything they said they would, and the amount has almost quadrupled in cost. Good effing idea. Doesn't anyone in this country care about our huge debt? Anyone? I really seriously think we are beyond help. We will NEVER get out of this debt. Ever. We're completely and totally screwed as a nation and not more than one single person in power cares.
I said that we should not have passed the bill. I'm on record for stating that the weak companies SHOULD die. They should not be rescued. What bubbles up must crash down. If the system grinds to a halt, then so be it. That's what is needed. We cannot continue to simply flush money down the toilet like we're doing now.
The article says "Critics are concerned that banks, which are getting $250 billion through government purchases of their stock, are not using the money to boost lending to customers, one of the main reasons why the economy is in a crisis." No kidding. The banks are using the taxpayers money to buy out competitors. For evidence of this see the PNC buyout of National City Bank. PNC outright stated that since they were given $7.7 billion, they were going to use some of that to purchase (at fire sale prices no less) National City. Oh, why didn't National City get money too? Interesting. Nat City is/was one of the ten largest banks in the country, but PNC got money and they did not. Could it be because PNC has a large number of shares held by Goldman Sachs and the former head of GS is freaking running the treasury now? Oh, just maybe. And by maybe I of course mean definitely.
This freaking drives me crazy.