PrintAugust 1, 2009
That Billion Dollar Stimulus Package is Criminal
The $787 billion stimulus package that President Obama signed in February has generated confusion in those who've read it and are now asking, Where's the stimulus, where are the jobs?" I'd like to use the simple analogy that my son Evan suggested to demonstrate how egregiously devious that bill was. Imagine that you owed your brother $100 but couldn't pay for it right away. Your mother then pays your brother back; then your brother says you still owe him $100. Basically isn't that what the banks are doing with the bailout money they received from the taxpayers? Did they cancel bad debts or did they simply collect the money and cancel the credit accounts of good customers?If the bailout money had actually freed up accounts, the economy would have boomed. That didn't happen. In fact, banks and credit card companies cancelled accounts of non delinquent customers or reduced credit limits to the outstanding balances thus destroying the FICO scores.I am speaking from experience...(Read Full Article)
