“The federal government unveiled $800 billion in new loans and debt purchases on Tuesday, hoping another infusion of cash can help unfreeze troubled credit markets and make borrowing easier for homebuyers, small businesses and students.” NY Times November 25, 2008
What is the matter with our economy? I don’t really care that people cannot pay their mortgages, or are losing their homes, or cannot afford to pay their medical bills or send their children to college. What bothers me is that we may lose our largest banks, credit card companies and the value of Wall Street bonuses will fall sharply. While the middle class may suffer, the moral imperative to bail out the wealthiest and more powerful institutions in our nation must be the priority.
That is why I am so pleased that Henry Paulson and Mr. Bush (with Mr. Obama’s blessing) will try and make it easier for everyone to get credit to buy $50,000 Buicks; or get into colleges that charge $45,000 a year for tuition and also make it possible for a person earning $50,000 a year to buy a $700,000 home.
If the government does not go all out to make everyone in this nation more indebted, the consequences for our nation will indeed be dire.