Monday, September 22, 2008

Bush wants to add bad auto loans, credit card debt to bailout; $1 trillion dollars may not be enough

The ridiculousness and sheer insanity of the bailout plan being put together by the Bush administration grew this morning when it was reported that bad auto loans and credit card debt would be added to the plan to be submitted this week to Congress.

And Sen. Richard Shelby of Alabama told CNBC that $1 trillion may not be enough for the bailout plan.

Yet the bailout plan has provided a service in drawing distinct lines between the presidential candidates.

Sen. Barack Obama is for the bailout. Sen. John McCain is against it. Democrats want an economic stimulus plan added to the bailout or passed in separate legislation soon after. That will really drive up the nation's growing budget deficit. The Republicans fear more regulation of what were once free markets. They no longer are with all the government interviention.

Instead of being better off, the nation remains on the precipice -- with neither side really knowing whether where they stand is the right position to take let alone serve the best interests of the people of this country.

1 comment:

kamat said...

what bush thinks is correct ,but whether it is possible for the goverment to add another few millions of dollars for bail out.
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ragavendra

Credit Card Debt