The $700 billion 'bailout' proposal is the biggest piece of trash I've ever seen. We are being sold the biggest "pork barrel" project in history by the 'leaders' of our nation. Currently, Zogby polls shows that Americans are split 46% to 46% for and against the bill. ... We don't know what to think.
Why oppose this plan? Let's break it down very simply:
(1) We got into this mess by creating bad debt -- ie, billions or trillions of dollars in loans given away to Americans that simply could not pay for them. We created a system that allowed people to buy a $200k home without even checking their credit scores or income. The government pressured lenders, through Fannie and Freddie, to 'give away money' to put people in homes they couldn't afford.
(2) We're told that we should get out of this mess by creating bad debt -- As of yesterday, Oct 1 2008, we've now passed the $10 trillion mark in federal debt. This does not include debts held at the state and city level, debt held by companies, families and individuals, and literally over $800 billion in credit card debt. ... We are now told that creating another $1 trillion in debt is going to cure the problem?
There is no way that more bad debt will solve the problem of too much bad debt. Please don't buy the porky ponzi scheme that's being shoved down our throats -- and even pushed upon the hundreds of US Representatives that voted this Big Terrible Idea down on Monday.
Please google your Representatives and Senators, call your Presidential Candidates, and tell them to save our nation rather than sell it down the river with this ridiculous scheme.
So as not to be merely crying out in opposition without offering a solution, there is an alternative proposal that may be a better fix. Please see the Common Sense Fix by Dave Ramsey.
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