Gambling: It's not just for casinos (and airports, and grocery stores) anymore!
The first wheel stopped at "7" as did the second and third. This would have been fantastic if it had been a slot machine, and was missing the negative sign in front. Before panic sets in, we need to realize that this wasn't even a 7% drop in the DJIA. Folks, this doesn't even make the top 10 list for big percentage drops in "the market." So lets all have a drink, get a geed night's sleep and tackle tomorrow with a level head.
Frankly, I think congress is acting appropriately by not rushing into some quick fix loan, and instead creating a bill that addresses the needs of most of the players. This does not cover the wants of us all, nor should it. I think the Paulson-Bush Bailout bill reeks of socialized banking. If we had been paying attention we would have realized that we have had socialized banking anytime the feds loan banks money. This bill, however takes it to a whole new level. If we loan financial institutions the funds they say they need at what I expect to be no or low interest, they will gladly use it to loan funds to regular folks at a MUCH HIGHER interest rate. At some time in the future when these institutions are profitable, we will be paid back, probably without interest nor adjustments for inflation. Please correct me if I am wrong.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment