Monday, November 10, 2008

The Real Bailout: $2 Trillion!

Do you think the $700B bailout recently passed by Congress was over the top? Just too much money? Well, that's not the half of it. The real bailout is over $2 trillion and counting! And the best part? The Fed won't tell anyone where the money is going. No transparency, just lots of smoke and mirrors. Maybe all that money is necessary for the survival of the human race, but that's true then why do we have all this secrecy? At least we'll soon have Obama to drive our economy straight into the ground straighten this all out!

2 comments:

Stephen said...

Surely I don't need to reiterate that I oppose monetary intervention, but the Fed needs to keep as many of these loans secret as possible.

The purpose of the loans is to keep financial institutions from going under. If the Fed discloses an emergency loan to a troubled financial institution, the market's confidence in the borrower is eroded, which may lead to its failure.

Philip said...

That sounds logical but I still can't help feeling suspicious.