Tuesday, October 21, 2008
Support Consumption At All Costs
Let me get this straight. The first "bailout" package did not work, so let's see, what should we congressman do? Um...something has to work. I know. Let's just have another "bailout" package. If at first you don't succeed, try, try again. This is nothing more than a desperate effort to support consumption at all costs. In other words get us to buy more stuff we don't need so we can go even further into debt. Makes sense to me.
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One congresswoman asked Bernake how much a second bailout should be to be "effective". She said, "a hundred and fifty (billion)?" Bernake said "I can't tell you a specific number, but it should be large enough to have an impact."
The blind leading the blind.
Definitely! Especially when Bernanke of all people should know that "stimulus" is nothing other than "vaporizing more money we don't have to support consumption."
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