Friday, October 03, 2008

House Passes 700 Billion Bailout Plan

Now that it is a done deal, I really hope it's won't be like just pork money for all the interest groups on Wall Street. I hope it's going to work out for the average guy on Main Street. I want to see my tax money at work for the people, not just for the master of the universe in high finance.

UPDATE:
In celebration of the $700 Billion bailout, Dow lost another 157 points. So much so for lifting the economy. Oh yes, it's supposed to ease the credit crunch or whatever. The $700 billion can easily be pork money that got divvied up among the high finance folks. The Treasury is supposed to buy back those troubled or toxic securities and in a few years, when the market turns around sell it back. Now I wonder how on earth those worthless overvalued securities can turn around. The only times those worthless securities can worth anything are when companies cook their books and value them whatever they want to value them. So in a few years, when Wall Street value them like 700 billions then you know we are going to have another bust.

1 comment:

  1. if you have difficulty in spending your tax refund, I can help you

    ReplyDelete

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