Update: Like I thought: Bailout talks in disarray. House Republicans don’t agree with the plan.
The media is nuts. They are flashing the “news” that Congress has a plan [CNN-Money version]. No, Congress has a proposal to submit to Paulson, there is no “plan” yet.
The Dow leaps up on nothing, which shows that they are gambling, not investing which part of the overall problem, i.e. there has been too much gambling and almost no investing.
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2 comments
I’m still enjoying this great thought you wrote some posts below:
It doesn’t contain the option of stoning CEOs, or making them take a credit counseling course before applying for assistence on the food stamp forms at the local social services offices, but it’s not the worst approach.
The options you’ve mentioned that weren’t in the suggestion would be well worth seeing as a decent approach:)
These people on Wall Street have no conception of what a family has to go through to get a couple of hundred dollars a month in food stamps because one parent lost their job and they have three kids to feed.
They have no idea what it’s like for a skilled carpenter who was making $15/hour to find out his paycheck is worthless because a contractor skipped town, and he still has to pay his bills. That craftsman has to go down to the social services office for the first time in his life and ask for help because he can’t get another job. What the banks and Wall Street did has dried up all the work.
Those CEOs need to get a taste of what it’s like for all of the people they damaged with their greed. They need to understand the humiliation that the system makes normal people endure to get help in time of need.