$$$$700 Billion Bailout = Methodone
The Big FinancialBailout of 2008 is now complete. The House passed it and Bush signed it. We as a nation have now committed close to a trillion dollars to shore up the rickety credit system, to get borrowing and lending going again.
Methodone for a nation of credit adicts? Did the pain of the withdrawal from credit markets drive Doctor Goevernment to pass out methadone to ease the pain?
Over the last wenty five years America has been so addicted to credit that even banks now have to borrow daily from banks; and corporations need short term credit to meet payrolls? We don't even need to mention what individuals have been doing. New credit card, anyone?
The conventional financial wisdom is: live close to the financial edge or else you're considered a fool; a cushion for 'contingencies'? Nobody does that anymore!!! Spend or invest (with borrowed leverage) every spare dime you've got.
Fly now, pay later; is that the only way to travel? Doesn't anybody save-up a few bucks and then buy a ticket? If you are overleveraged, just borrow somemore from someone else. A personal Ponzi scheme. Welcome to the Wonderful World of Interactive Bailout.
I'm afrraid Bailout Mania is just another instance of US adolescence; a refusal to grow up and take responsibility for its own expenditures. Why grow up when Mommy and Daddy, in this case, the US Bailout Government or the Chinese or Arab sovereign wealth Mommies and Daddies will come to the rescue?
Maybe a Depression would be a good thing. The only way the addicted kids are going to learn. Going off credit cold turkey. Let Mommy and Daddy get very, very sick; the kids would have to grow up and assume some responsibility.
The $700 Billion methodone bailout will still leave us a nation of children/addicts.
Methodone for a nation of credit adicts? Did the pain of the withdrawal from credit markets drive Doctor Goevernment to pass out methadone to ease the pain?
Over the last wenty five years America has been so addicted to credit that even banks now have to borrow daily from banks; and corporations need short term credit to meet payrolls? We don't even need to mention what individuals have been doing. New credit card, anyone?
The conventional financial wisdom is: live close to the financial edge or else you're considered a fool; a cushion for 'contingencies'? Nobody does that anymore!!! Spend or invest (with borrowed leverage) every spare dime you've got.
Fly now, pay later; is that the only way to travel? Doesn't anybody save-up a few bucks and then buy a ticket? If you are overleveraged, just borrow somemore from someone else. A personal Ponzi scheme. Welcome to the Wonderful World of Interactive Bailout.
I'm afrraid Bailout Mania is just another instance of US adolescence; a refusal to grow up and take responsibility for its own expenditures. Why grow up when Mommy and Daddy, in this case, the US Bailout Government or the Chinese or Arab sovereign wealth Mommies and Daddies will come to the rescue?
Maybe a Depression would be a good thing. The only way the addicted kids are going to learn. Going off credit cold turkey. Let Mommy and Daddy get very, very sick; the kids would have to grow up and assume some responsibility.
The $700 Billion methodone bailout will still leave us a nation of children/addicts.
posted by Cliff Osmond at 4:29 PM
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