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BGonline.org Forums
What's your opinion on the $700bn bill?
Posted By: Bill Riles In Response To: What's your opinion on the $700bn bill? (Havard Raddum)
Date: Thursday, 2 October 2008, at 2:33 p.m.
I wasn't in favor of the $2 bill; however, I do think we need something larger than the current largest bill, the $100 bill. $700 billion does seem an odd denomination though. Maybe the inflationary expectation is greater than we imagine.
Seriously, I think some sort of stabilization of the economy was necessary; however, there were other ways to do it. Perry's comments of a couple of days ago were very good and well thought out. Unfortunately, the politicians do not address the root cause of the problem -- easy credit primarily for those with no ability or intent to repay. There were other culprits, of course, but the largest problem was more liberal social engineering and voila !! -- here we are.
And, again, the politicians attempt to do something to stabilize the economy but can't resist more freebies and earmarks tacked onto it. And they have to save the very people who caused the problem in the first place by making it effectively impossible for an owner/investor to foreclose on a home and put deadbeats on the streets.
With these economic problems and the looming election, the next few months, and years, are going to be most interesting. I fear the States we have all grown up loving and that we have all enjoyed is soon a thing of the past -- we're already there in some respects.
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