Government can’t afford to get involved

The U.S. budget deficit for 2008: $400 billion.

The cost of the U.S. government’s proposed bailout for financial firms: $700 billion.

The American dollar: worthless.

Thank you, thank you, I’ll be here all week.

Do the Feds really think that allowing some banks to fail is going to hurt the economy more than running up the federal debt to even higher records?

At some point, we’re going to have to pay for this
.
We’re just borrowing time before an even bigger crisis. We aren’t letting market forces fix the situation right now.

This is just what contributed to the mortgage bubble in the first place. Overzealous banks gave away mortgages to people who obviously didn’t have enough assets to pay them back.

People borrowed money they couldn’t pay back. Now the U.S. government is borrowing astronomical amounts of money they will have trouble paying back.
Treasury Secretary Henry Paulson’s plan for financing the bailouts is simply to raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion.

Seems the Feds are going to need someone to bail them out eventually.

If the government is so concerned about keeping investment banks from failing because that would “ruin the economy,” why don’t they ask the investors how the economy is doing? Why don’t they ask the Bear Stearns shareholders who saw their stock value plummet earlier this year? Why don’t they ask the AIG shareholders, whose stock fell from $70 to $2 per share in the span of a year?

The economy isn’t working for everyone, but the government isn’t bailing everyone out.
In fact, when it comes to AIG, the shareholders themselves don’t want the government to take over. Reuters reported on Sept. 19, that a group of investors are already trying to pay off the government’s loan before the government can take over.

It’s not just American banks that are getting taxpayer money. Paulson said he will try to bail out failed foreign banks as well.

I wonder how many foreign banks a U.S. dollar can buy today?

Do we really want all this power in the hands of the government?

Sen. Jim Bunning, R-Ky.,, said it best:

“The only difference between what the Fed did and what Hugo Chávez is doing in Venezuela is Chávez doesn’t put taxpayer dollars at risk when he takes over companies.”