It’s one thing for us average-know-nothing-much-about-economics Americans to resist a $700+ billion economic bailout plan. It’s a different matter for those self-serving boneheads we call Congressmen and Congresswomen to miss the point entirely and vote it down.
My son the investor pointed out to me this evening that an article he read today said we taxpayers have already paid more than $300 billion for one of the recent U.S. bank failures. According to that article, he said, we can expect to fork over two or three times the price of this rejected bailout plan every week for awhile as various banks and investment houses fail and credit tightens to nearly shut down the economy.
But, since the meek little mice we put in Congress are more interested in their party politics and reelection than in doing what’s the best available option for the country — well, let’s just say fixings for those favorite Christmas dinner recipes may be a little harder to come by this year.
In fact, multitudes of people will probably be looking at a slim holiday season this year if Congress doesn’t show a little backbone and do what has to be done. Oh, and you do understand, right, that every time a major bank shuts down or has to be sold off all those billions of dollars come out of our taxpaying pockets?