Go away for less than 1 week and the whole financial market is in meltdown! Henry Paulson wants to take over and is asking the nation to give total authority and $7oo billion to start with. Some people are saying that it is going to take over $1 trillion. If I make $100 per second, it will take me over 300 years to make a trillion. Of course the deficit is now over 12 trillion so what is another trillion? Of course both McCain and Obama are promising tax cuts and more programs which along with two wars at the same time and our children and grandchildren will be burdened with debt before they are born.
As I wrote before, didn't we learned from the S@L scandal? That was only 220 billion, chump change compare with what we have now. McCain of all people should have known better, being part of the Keating 5. But he continued to want deregulation until this meltdown. Ronald Regan liked to say that "Government is not the solution, it is the problem". I guess to the Republicans, government is not the solution when it comes to welfare but it is the solution when it comes to corporate welfare. Well, I like to say "Capitalism without regulation is just chaos". I don't think Obama has any great ideas but I certainly don't think that after all these years, McCain has learned anything.
Henry Paulson is a smart guy. An Ivy Leaguer who was a big CEO before he became Sec. of Treasury. But he also had been saying that fundamentally the economy is strong for the past year while things are collapsing. I think McCain copied his saying about the fundamental of the economy. This certainly does not give people confidence. (Bush, by hiding most of the time in this crisis shows what a coward he is). I am no economist but I don't think it is the amount or how the bailout is done that is the most important. The most important thing is for a leader to come forward and inspire confidence. I don't think Paulson or Bernake can do this no matter how high IQ they have. Paulson cannot be the one running this bailout program unchallenged. We need an FDR. If Obama or McCain can bring Paulson, Bernake, Pelosi and Reed together and put up a plan and sound convincing on t.v., it may work. It will also win the presidency for the man who can do this. I don't believe there is a good solution, there is only a workable solution if there is leadership.
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