So, how’s that bailout working for us? Despite overwhelming opposition to the bill, Washington gave the proverbial finger to the American people and sought to bail out many of the entities responsible for the financial crisis we now face.
To the dismay of analysts, Americans are closing their wallets and hanging on to their money (Wall Street responded today). Now why would we do that? There is nobody to bail out the rest of us. Our 401K’s are tanking, jobs/layoffs are shaky, and prices are either rising or holding high, save for gas (yipee).
So what of McCain and Obama? They both lobbied for the bailout. And what was the result? Well, you saw the market today. Now Hank Paulsen is going to have his pals administer the bailout.
Folks, we’ve been had. Money doesn’t disappear; somebody has it. And it certainly isn’t in the pocket of Joe Six-pack. Wells Fargo will tell you. So will Citigroup. And so will Washington…