Chicken Little failed economics!
Does anyone really think we will get the details on a 700 billion plan? There is always "more than meets the eye" when you talk this kind of money.
Consider this: the largest borrower in US is fed, state and local governments. If the credit markets crash, the biggest losers are government spenders.
My California ballot is full of "debt" propositions. California is 300 million in the hole and counting. The taxpayer may have gotten 700 billion in debt with bad loans, but the feds are 9.something trillion in debt. The Korean War, Veitnam War, Bosnian War, Iraq War, War on Poverty, War on Drugs, War on wild fires, War on Terror need I go on? The only exit strategy our politicians have had for any of these wars is the one used in Veitnam - lose! With only one method of paying for all this - credit!
If you think this is a "mess" for taxpayers if bailout fails, think of the politicians who will lose comfy jobs and pork spending accounts, not to mention the loss of big spending ego power!
If there are no $100,000 student loans for citizen Suzy to go to college, then Brittany and Megan won't get loans either. Does anyone really think Colleges will say no to the majority who can't get a $100,000 tuition loan? Of course not, they will lower their price and reduce overhead to match the market conditions.
The reason education, health care and yes home prices rose at 3,4 or 5 times the inflation index is that money was available as loans to pay the increase. Americans bought more and wasted more resources as more money was made available to borrow. Come on, do we really produce $300 dollar tennis shoes or $30 for the shoes and $270 to cover the cost of my private Lear jet?
The "experts" you ask for do not exist, only collective fear among profit mongers; big government, big business and big consumers.
The medicine [bail out] is worse than the disease since the impact of covering up the symptoms, if we continue with our debtor economy, will at some point destroy the vast majority of us, like a plague.
If our politicians were upfront and transparent about all this they would say " We must end the unsustainable borrowing Americans are addicted to and there by greatly reduce the power and influence government has enjoyed for last 70 years! With less government spending on failed education programs maybe the next generation of Chicken Little's will pass economics with such success the economic experts will exist as every day citizens, not media stars!
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