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posted to cnn.com/business360 blog at 2.44 p/ET-US, 100-06-08, USA
The number of jobs lost and unemployment percentages are a faulty non-representation and lenders, including large lenders know it – so do other countries that are dependent on the US consumer economy. That is why they aren’t going to lend. Unemployed people are not going to be able to purchase the orders that loans might pay to deliver.
The bailout did nothing good and will not solve anything in the credit markets or anywhere else except to hire favored firms and friends to manage these worthless assets. It will not insulate the markets nor businesses from them.
In the international community, the only thing that the US really had going for it was this ideology of free market economy, capitalism and representative government. By doing the bailout, the world has watched those be denounced and disavowed by US leadership. It is irreparable now that they’ve done it this way.
The sooner that these “fudged” employment numbers are corrected, the sooner a set of real solutions can have reason to be enacted. The rest of the world does know, lying to American people and business owners does not help. The current situation is not a “bear market” doing what it always has done. This is different than anyone has ever experienced.
There is no way to correct the damage our government has done, pushing through the bailout package as they did. Socialism of the losses shouldn’t have even been on the list of options and our real solutions that are available were on the table to use. But the choice because of what, became either this bailout in its offered form or nothing?
It looked like President Bush meeting with small business leaders today, was genuinely shocked and embarrassed by the outrage he encountered there about the bailout. How could he be surprised?
- Cricket Diane C “Sparky” Phillips, 10-06-08, USA