After pushing hard to pass the bailout bill, including tacking on a whole lot of pork-barrel spending, it turns out President Bush and Congress should have waited a bit longer to see if it would be necessary, or even advisable, for the government to step in to "fix" the economy.
Almost immediately after the bailout was passed, the market began to drop. Before the end of the day, it went from being up by a few percentage points across the board to down by a couple. I don't know if it was news of what-all was put into the spending bill, being told how much the bailout would cost, news about the unemployment rate, or something else entirely, but the market had one of the worst weeks since September 11, 2001.
Now, and only now, economists are telling us that the bailout won't work unless the housing market stabilizes.
Remember that when it comes time to re-elect state representatives and senators. Also remember that it took a majority Democrat congress for President Bush to pass the mess we're now saddled with. And last, remember that this will cost each household a minimum of $17,064 if this were fairly apportioned across every household in the United States--which it won't be.
Sometimes the "do nothing" option is the best one there is.
Almost immediately after the bailout was passed, the market began to drop. Before the end of the day, it went from being up by a few percentage points across the board to down by a couple. I don't know if it was news of what-all was put into the spending bill, being told how much the bailout would cost, news about the unemployment rate, or something else entirely, but the market had one of the worst weeks since September 11, 2001.
Now, and only now, economists are telling us that the bailout won't work unless the housing market stabilizes.
Remember that when it comes time to re-elect state representatives and senators. Also remember that it took a majority Democrat congress for President Bush to pass the mess we're now saddled with. And last, remember that this will cost each household a minimum of $17,064 if this were fairly apportioned across every household in the United States--which it won't be.
Sometimes the "do nothing" option is the best one there is.
Update: I really wish they'd waited. What they've done to us feels like this, in a way.
In other ways, it feels like they've bent us over something without even having taken us to dinner and a movie first. And they aren't planning to use lubricant, either.
Love the cartoon it pretty much states what we all feel across these great United States, bend over and take wether you like it or not.
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