We are being ripped off. See the article below from John Dvorak (http://www.dvorak.org/blog)
Give the Public $600 Billion By John C. Dvorak
The administration talks a big game about economic stimulus packages and claims that the public is the winner when taxes are low or they are simply given a handout to spend. So take $600-plus billion and give each man, woman and child $2000 each. That will distribute all this money. A family of 5 would have a nice $10,000 nest egg for a down-payment or to rent a house and pay off their credit cards thus sending the money back into the system.
The trickle-down bail-out is designed to go to the same people who gave themselves huge salaries and ran these firms into the ground? It gets them off the hook. They can then slither out of town when they all should be tarred-and-feathered.
Why not let the public buy up the mortgages at these low-ball prices and move in? Why can’t that be arranged? Use the FHA to do it if the banks cannot. Why do the crooks get to re-buy the bad mortgages at the low price? So they can gouge later?
There has never been economic stimulus from the top down when the money is given to these weasels. These are people who will sell dollars and buy Euros, or horde the money or move to Switzerland to spend the money there. All of the CEO’s of these failed companies have offshore villas. The average Joe spends his money in the USA, not Europe. It stays in circulation. Good things happen.
According to the pro-bail-out “experts” the economy should have melted down on Tuesday hurling us into a depression. Instead the market went up. So how does that work?
Start looking at this bail-out and you start to see that it is an exit strategy for Paulsen and his friends at Goldman, Sachs. There was a need to rush it through before anyone discovered what it was all about.
No oversight, a finance Czar, more free reign than ever.
Exactly why is there such a rush? It’s like the sleazeball salesman telling feeble-minded customers that they MUST buy now. It just makes no sense.