The Conservatives May Mass Explode
Seems that, in an effort to seem as though he knows what he is doing, Treasury Secretary Paulson may offer mad stacks of cheese to those ailing banks who ask for it (and they will ask for it, no diggity). This will allow banks to skip the waiting period of having others buy their “bad” debt and make it safe to loan again, especially in light of the rate cut. This also has the effect of giving the Treasury (and thus taxpayers) ownership rights of those banks. That means we get our dollars back a little faster, in a year or two instead of never (I’d prefer mine in Euros or Yen, but . . .)
Phil Valentine will probably cry socialism (I listened to him last night, he was doing a lot of crying)
This still wont mean all that much to you unless you’re buying a home or car (or a pack of Gillette Fusion razors . . . inside joke). If you’re already in up to your neck, and worried about your job, you’re still SOL. That is why we need some kind of stimulus package, whether or not it increases the national debt (What’s a few more billion anyway?). Many states are in dire straits, and the Treasury might as well give them a loan before they come begging, though I have to say I would enjoy the spectacle of Gov. Schwarzenegger begging for a hand out. But stimulus would not only be for states relying on a sales tax and traffic tickets for sustenance (ahem, Tennessee), some breaks would have to go directly to us little people.