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Edited on Sun Sep-21-08 08:24 AM by El Pinko
The way I see it, it's the wrong prescription for what ails America.
The ultimate reason for the bubble and subsequent crash was wanton speculation on borrowed (foreign) money.
The reason people speculated with borrowed money is because their incomes have been stagnant and good jobs have become too scarce. (Because we import everything and no longer make anything)
Any effort to fix this should be focused on fixing the root cause which is income inequality, too few good-paying jobs.
Trade deals that hurt US workers and domestic industries need to be scrapped now, and the government needs to create massive incentives to locate more industries here and to pay workers well.
We also should realign our economy so that it's focused a bit less on consumption and encourages people to save and invest.
This "bailout" will amount to nothing more than yet another giveaway to the rich that does absolutely NOTHING to address the fundamental weakness of our economy, in addition to devaluing the currency (which makes us all effectively POORER).
But what the hell do I know. What do you think?
(Edited to add another choice for people who want this bailout as well as more for working people.)
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