Quote:
Originally Posted by Stitchawl
The President ordered the cabinet to cut a whopping $100 million from the $3.5 trillion federal budget! I'm so impressed by this sacrifice that I have decided to do the same thing with my personal budget. 
I'm going to cut my spending at exactly the same ratio -1/35,000 of my total budget. After doing the math, it looks like I'm going to have to cut my monthly budget by roughly 8 cents! A month. 
Stitchawl |
Are we talking about America or Japan. I'm currently reading: Freefall: America, Free Markets, and the Sinking of the World Economy.
The way money were thrown at the banks with no restrictions of how the money was being spent seems insane. As I understand it this was also the reason why the money was routed through FED and not through congress which would have been political suicide, which voters would have accepted these huge bailouts without re precautions for the politicians.
As it seems the government has become a puppet to Wall Street with banks too big to fail.
Any company that is too big to fail is too big to exist!
http://www.youtube.com/watch?v=uYrhh935h0I
Well the government has only pushed the problem to the future. Sooner or later the money spent are going to have to be repaid, and my guess is it's the ordinary citizen that will be left with the bill with the banks continuing with there risky investments to make as much money as possible, after all the government is there to pick up the pieces when all goes wrong