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Monday, September 29, 2008

The New New Deal

So I haven't been following this $700 billion bailout much but the premise seems like the following: people asked for bigger loans than they could afford, banks said yes and paid huge sums for inflated home prices, economy tanked, people faulted, banks foreclosed and screwed themselves out of the principal, gov now wants to step in and pay for banks' big time greedy mistake. Uh, excuse me... wants US to pay for it. What I'm still missing here is how this makes any sense economically.

Let's just say that the gov has already thrown the $700 billion on the table... they're GOING to spend it. Wouldn't it make more sense to put that enormous sum of money into the hands of people who could reinvest in the banks? Finance cars, houses, boats, etc? Call it Trickle-Up Economics. I mean if unemployment is up, along with gas/food/housing/living prices, why can't we "bail out" the people who really need it (and who didn't cause their dire situation with their own selfish interests). And in this "welfare to work" society, what better way to help out those in need than to make them work for it... by rolling out the New New Deal.

Let's build some schools, refurbish state colleges, repair roads and highways, and create some good, government jobs (and contracts) to help stimulate the economy back into good standing. If the government were to fund public works again and enacts reforms for the banking system again, wouldn't we see some progress toward a healthy economy? One where our dollar doesn't rival the Peso? Where a gas tank doesn't rival a paycheck? Just a thought.
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