If ever there was a case of ineffective government it is the AIG scandal. After bailing out that company with $85 billion the government had to provide another $37.8 billion loan. To add insult to injury AIG held a $400,000 party at a very expensive California hotel resort. Oh well it’s just to motivate the sales people so it’s OK. It has been reported that another party of the same size will occur next week.
Our Congress has authorized $700 billion to be spent on a “recovery plan” which really is a bail out of our financial markets. Where will all that money go? Well it won’t be to the taxpayers and it won’t be to the homeowners with loans they can’t afford. We the people have had a gun held to our heads. They tell us if we don’t support this insane plan it will impact our savings, our banks, and we might lose our jobs.
The election is just 27 days away and neither Barack Obama nor John McCain has offered a coherent plan to resolve our economic problems. Barack Obama was on ABC’s Nightly News and told Charlie Gibson that he would give us the confidence to succeed just as FDR did. The difference is that FDR offered specifics in the form of real action. Obama simply said we will try different things until we find the ones that work. Wow! How inspiring!
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