Dear Reader,
Back in 2008 the Bushwacker got Congress to go along with an alleged $700 Billion bailout of the banking industry.
Since then, thanks to King Obama, with direct loans, guarantees, and other promises, we the people are on the hook for as much as $23 TRILLION.
That works out to about $70,000 for every man, woman, and child in this debt ridden country.
A few days ago my brother-in-law’s wife gave birth to a beautiful little girl. I haven’t seen even a picture of her yet; but, if she looks like her mama, she’s beautiful. Imagine. A few days old and she’s already $70,000 in debt. Imagine what she’ll owe by the time she starts high school.
What have we gotten for our generous gifts?
Banks still aren’t loaning money. They’re charging higher interest rates, especially on credit cards. They’ve raised fees for such things as over drafts, over limit fees, late charges, and anything else they think they can get away with. They’ve lowered most everyone’s credit limit. They are aggressively foreclosing on homes and throwing families out in the street. They’re repossessing cars left and right and leaving people without a way to get back and forth to work, assuming they still have a job.
That’s gratitude for ya!
What if Congress had done things a little differently?
Instead of giving all this money to the banks, they gave us our own money?
We could pay off our credit card debts. Our mortgages. Our car loans. And what ever else we might owe.
We the people would be out of debt and the banks wouldn’t have those “toxic assets” to deal with. They would be paid off. We would still have to come up with the same $23 TRILLION or $70,000 for every man, woman, and child some time in the future; but hey, we could afford it now. We’re out of debt.
Or, even better. How about this weird, off the wall idea…
Congress could have done what the Constitution calls for – NOTHING.
Something smart, honest people would have DEMANDED.
Then, all these banks which have been run into the ground by a bunch of inept, incompetent, morons would have gone belly up. They, in turn, would have taken all our debts with them.
We wouldn’t owe the now non-existent bank for any credit cards, or mortgages, or car loans, or any loan. These greedy little parasites wouldn’t exist.
And, just as importantly, we wouldn’t owe $23 TRILLION or $70,000 for every man, woman, or child, in future taxes.
But, as Forrest Gump’s Mama used to say: Stupid is as stupid does.
Respectfully,
Jim
