LETTER TO THE EDITOR:

Bailout may not keep economy from sinking

Jerry Bitts, Las Vegas

Mon, Oct 6, 2008 (2:06 a.m.)

When I buy a car, I know I’m getting ripped off, but I don’t know just how badly. That is how most of us feel about the bailout of the financial boat they say we are all in together. Not long ago Honest John McCain said the ship was sound, but it seems that deregulation has run us onto some rocks.

President Bush says no one did anything wrong, but when water starts filling the bottom of the boat, someone goofed somewhere. The George Bush-Henry Paulson rescue plan is for all of us to start bailing with 1 billion dollar bills. Experts disagree on whether the bailout is necessary or will even work, but the thinking is that the plan will loosen credit and keep people from fearing fear itself.

Now that Congress has passed the rescue plan with some additions (undercoating?), members also promise to find the source of the problem and fix it. That seems like a good idea because we don’t even have the first $700 billion and I don’t know how long the American people can tread water.

Discussion: 4 comments so far…

By vsestini

10/6/08 at 10:24 a.m.

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What most Americans do not understand at the moment is that we are now at the beginning of a new Great Depression; this is not a recession, but a very quick growing and deepening economic depression with no end in site.

Our leaders are all incompetent and complicit in allowing this to happen: there are no inocent politicians in this...both Democrats and Republicans are fully to blame.

Our republic may not survive this coming economic disaster. It will not be like the depression of the '30's because we do not have anyone of leadership quality to save us or lead us out of such a catastrophe.

Other nations are waiting for our collapse so they can carve us up like a Thanksgiving turkey at a homeless shelter of thousands of hungry people.

Can we survive another Great Depression? I doubt it very much...God help us all if it comes to pass!
By neiman1

10/6/08 at 11:21 a.m.

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We need massive cuts in federal spending. Credit is available when the government doesn't take it all in the treasury auctions and leaves some for private investment. The government never spends money that creates jobs, just payroll. Private business creates jobs and pays taxes. Make the cuts soon and create American Energy for American jobs. We can have all the jobs back in a year from an open energy market and keep the money in America.
By tokaloshe

10/6/08 at 12:14 p.m.

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Unemployment is right where it was in 1929 8 percent plus. stock market lost another 1.5 trrillion today. Job losses alone will be substantial, look for the next deep layer of foreclosures over the next 3 to 6 months. We have been in a recession since mid-06, i do not know where the economic advisors get their data, i think it is propagandasized, depression is next up, i am convinced vsestini is right.
By claddagh33

10/6/08 at 12:52 p.m.

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We need jobs, not more credit. Oh wait, all of the jobs have been sent overseas where our beloved Corporations can pay people pennies to our dollars and where labor laws are non-existent. This is Greed in its purest form. And for those that act surprised by the lack of leadership in the White House, anyone that voted (twice!!) for this Buffoon Puppet President should really take a hard look in the mirror. I agree with the other comments... we are on the verge of a Real Economic Depression. Sugar coating the problems with 'Bailouts' is only going to make things worse... January cannot come fast enough...