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Friday October 3, 2008 the House sign the Bail out bill. Congress approved an unprecedented $700 billion government bailout today.
"This legislation is to fix a problem in our financial markets," said spokesman Tony Fratto. "It's not sold as giving a boost to the economy, but rather preventing a crisis in our economy... If it works as we hope it will, credit will be able to begin flowing again.
Lets see IF and WHEN it helps the average American.
Clinton left the white house with his big signing of Pardons.
I guess Bush was trying to leave with a big impact on his friends. He wanted to give them 700 Billion dollars to use as they saw fit
" Without any Judicial Review"
" Without any federal agency oversight"
" And no guidelines on how and where
the money is to be applied.
Now "That's just GANSTA"
But.....He tried.
He proposed a 3 page document transaction to release
700 Billion dollars to Financial Market Institutions.
Think about it.
* Vehicle retail installment agreements are typically more than 3 pages.
* The typical documents one must sign at the close of escrow when they finance a home is between 75 - 150 pages depending upon the type of loan they acquired.
* Most lease agreements are more than 3 pages.
I give Bush credit for having the guts to try and help his corporate financial friends out with that kind of money. That was absolutely "good looking out for his friends".
Too bad the average American just isn't on his friend list.
But
Whats Good for the Goose is Good for
the Gander.
Since this financial crisis myself and many other Americans had to supplement our incomes and live off our savings.
The best way in my opinion to solve the financial crisis is for each and every financially troubled business to
* Go back to position "1" if necessary and rebuild. Back when they had to hustle investors, even venture
capitalist to grow their business.
* Work hard, create and provide win win solutions to correct the problem.
And start by drastically cutting Executive Salaries back to a realistic amount.
I am sure each and every Financial Institutions Executive Staff
can live off their savings for a number of years.
And why not, they have cut their employees salaries and expect them to survive the crisis.
Therefore they should be required to do the exact same thing. |
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