Doing More of the Same
You won't have to read much beyond the second paragraph before you start shaking your head in disbelief. Does anybody read this crap before it leaves the building?
No crisis like this has a simple or single cause, but as a nation we borrowed too much and let our financial system take on irresponsible levels of risk.
That's right! The cause of the financial decline was too much debt and irresponsible levels of risk.
So, what he is doing about it? He's handing out money like he owned the printing press...ooops, I guess he does. He's quadrupling the national deficit and projecting ten years more of similar deficit spending. How's that work if the root cause was too much debt?
And, now he's setting up a program for government underwritten purchase of the debts formerly known as "toxic." They apparently were too risky last year, but just perfect for today.
Gilbert and Sullivan could put this to music.
1 comment:
But the part I really liked was just after they proposed a 90% tax on too much profits, they want the private sector to help them out by buying some of that Toxic asset stuff. As Bugs would say "What a bunch of maroons!"
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