Can I go just a little bit crazy here? I mean, what the f#!*# Is Congress insane? Do they think we're all idiots??? This AIG "retreat" just happened and now Congress is talking about more bailout money for these slime balls?
I don't know the economic ins and outs of the financial free fall we're in but it doesn't take a genius to know that this entire approach is wrong. In fact, I believe it's the so-called "financial geniuses" who helped get us into this mess. And who is paying the price? The average American taxpayer: you and me.
Where is the accountability? Why are these people allowed to get away with this? What the hell is Congress doing? Just taking lobbyist money to do the banking & insurance industry bidding? It sure seems that way. My perception is these are criminal acts committed against shareholders, the banking and insurance industries and most of all, the American public. Obviously this extends beyond our shores. Foreign banks have halted trading and cut interest rates but are sliding almost as precipitously as the Dow.
We are in deep and nobody knows what to do. I am sure there are reasonable approaches to this that don't include infusions of cash to the misbegotten. How about that idea that went around the Internet after the $700 billion was first bandied about: divide it among the population of America so each family receives a huge amt (I forget how much but enough to pay off a mortgage or credit cards or whatever) with stipulations to pay down debt. It certainly would stimulate the economy.
Nobody wants to use the "d" word except the pundits who want to stir things up. But, I'm wondering if we're not close to complete collapse. They won't say so, but when you see the brokers interviewed on CNBC, you see the desperation in their eyes and the fear this is so.
So now what?