Bush assures us his bailout plan sucks

Bush assures us his bailout plan sucks

After watching President Bush read a speech off a teleprompter last night, I felt an urgency to examine the transcript today because I couldn't quite tell if I heard his two main points correctly or if I had been hypnotized by his blank, unwavering stare. unfortunately, his main points were as ridiculous as to thought.

"First, the plan is big enough to solve a serious problem. [...] In the short term, this will free up banks to resume the flow of credit to American families and businesses. And this will help our economy grow.

Second, as markets have lost confidence in mortgage-backed securities, their prices have dropped sharply. Yet the value of many of these assets will likely be higher than their current price, because the vast majority of Americans will ultimately pay off their mortgages. [...] And we expect that much, if not all, of the tax dollars we invest will be paid back."

So first, the easy credit system that led to the sub-prime loans that led to the crisis is still in place. Second, our "investment" of tax dollars could see a return of zero... maybe, if you working folks pay off your mortgages with interest, while the investment banks get paid now.

To sum up, core problem not just unsolved but encouraged to flourish, and we could earn up to zero percent interest by "investing" our tax dollars in private investment companies. Takes real balls to stand up in front of the nation to sell that big pile of crap as the goals of your plan, particularly since we have to borrow that money and pay interest on it. Kind of like getting a loan for money to stuff in your mattress. Great idea, right?
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