Tuesday, September 23, 2008

Questions on the Bush / Dodd bailout proposal

1) With Congress screaming at the Administration for creating this mess, why is Congress asking the Administration to fix this mess? (Btw, they're all complicit.)

2) Why spend $700 billion on bankrupt companies when you could spend $700 billion to end our "addiction to oil?" (The $700 billion is going to be "miraculously" printed by The Fed. Increasing the money supply is inflation. Inflation will continue the skyrocketing prices at the pump. Is that what voters are requesting? Higher gas prices? Oh, I forgot! This bailout isn't for you or me, it's for their campaign donors, personal friends and VIPs.)

3) Why should my taxes increase because someone bought a 2,000 sq ft house, instead of a 1,000 sq ft house? Or someone who bought 3 acres, instead of a half acre? (I do have sympathy for someone who moved from renting to owning... but little sympathy for someone who simply bought beyond their means.)

As I've said, it's pain now or pain later. And IMO, there's only one safe bet to minimize the pain over the long term...

If there is a compromise bill that includes sound money - a gold standard (or some other commodity) - then I (and perhaps Alan Greenspan) would consider supporting it. Otherwise...

NO to the Billionaire Bankers' Bailout!

Tim White

No comments: