This morning CNN lead with “Stocks rallied Tuesday, with the Dow jumping 485 points on bets that Congress will pass a version of the government’s $700 billion package”.\u00a0 No they didn’t.\u00a0 Stocks rallied despite the bailouts defeat because investors got good deals on stock in companies that never should have been effected by this fear mongering administration.<\/p>\n
Pundits supporting this bill don’t seem to realize this economy will keep running despite the “credit freeze” they explain as the end of the world.\u00a0 If banks aren’t making money off loans then tough patooty.\u00a0 I could care less.\u00a0 And so could many Americans and businesses that don’t want the debt they’re hocking anyway.\u00a0 To date I have not heard one solid explanation from all of these economic pundits or analysts detailing exactly how this “credit freeze” is going to hurt main street as badly as they hope to make you think.\u00a0 People won’t be able to run up credit cards this Christmas?\u00a0 Oh no, that will certainly be the end of us all.\u00a0 And what about all those companies they say need small business loans to make payroll?\u00a0 Say goodbye.\u00a0 If you can’t make payroll without a loan the going out of business sign needs to be out front.\u00a0 I certainly don’t want my children paying off this bailout so you can make payroll for your failing endeavor.<\/p>\n
And then there’s the suggestion that giving banks this money will make them lend again.\u00a0 News flash: people don’t have money to pay off debt.\u00a0 They certainly don’t need any new debt they can’t pay.\u00a0 So most banks will get rid of dirty assets in the bailout and use this cushion to bolster their spread sheets to tantalize new wealthy investors towards their share value.\u00a0 A lot of us on Main Street don’t have these precious portfolios to worry about that your pinpointing as a concern for us.\u00a0 We just need bigger paychecks damn it.<\/p>\n
Banks are starting to realize that without interest revenue they are little more than a storage vault for our money and even Anna, a banker who comments on this site, said they are a “necessary evil”.\u00a0 So far we’ve decided not to give this necessary evil a blank check and let them deal with their own demise.\u00a0 And believe it or not the bread lines have not started forming.<\/p>\n","protected":false},"excerpt":{"rendered":"
This morning CNN lead with “Stocks rallied Tuesday, with the Dow jumping 485 points on bets that Congress will pass a version of the government’s $700 billion package”.\u00a0 No they didn’t.\u00a0 Stocks rallied despite the bailouts defeat because investors got good deals on stock in companies that never should have been effected by this fear … Continue reading Stocks rallied despite the bailout failure.<\/span>