Let’s get the party restarted
To pave the way for the $700 bailout of the Whoever Is Going To Get The Money Industry the Bush Administration issued a statement that contained the following passage:
If the financial markets fail to function, American families will face great difficulty in getting loans to purchase a home, buy a family car or finance a child’s education.
Wasn’t it the lack of great difficulty in acquiring all those loans that brought about this supposedly absolutely-necessary-or-else bail out?
The Speaker of the House, Nancy Pelosi, who supported the Administration’s bailout bill from day one echoed the loans-for-everyone sentiment in her final words before the House passed the bill. Surely the White House and Pelosi aren’t saying that people with poor credit rating – who are disproportionately poor and non-white – should have less access to loans than people with good credit rating? The whole bad-credit circus is going to be restarted, if it hasn’t been already.
Who’ll bag the $700 billion bail out loot? Well, the Wall Street hogs already have their snouts in the bail-out trough:
Treasury Secretary Henry Paulson is hiring as many as 10 asset-management companies to join the lawyers and bankers he is recruiting to kickstart the government’s new $700 billion bank-rescue program.
Nice. Tax-payers are now hiring the bailees to do the bailing.
By the way, can we all agree now that the carefully deliberated and thought out loan-and-spend handout plan that Congress passed last spring failed to do what it was supposed to do, namely heal the economy through deficit-funded consumption? But the surely the $700 billion rush job will work much better.
I read in the Boston Globe that universities expect to have to increase their tuition in response to the current financial difficulties, much like they apparently had to increase tuition during the preceding fake-boom. The status is always quo in American academia.
