Brazilian President calls the bailout unfair to poor people…
“Why give $700 billion to the banks and no money to the poor guys who lost their houses,” Lula asked, according to local media. He referred to the troubled U.S. housing market.
I think he’s right, but for the wrong reasons. Poor people shouldn’t be given money either. But it’s the poor people who are going to have their precious few dollars devalued. It’s the poor people who are going to be taxed by allocating a larger portion of their income to pay for the mountain of regulation that will result in an increase in costs of goods and services.
Newt Gingrich is right too, well sorta…
“You have the former Chairman of Goldman Sachs asking for 700 billion dollars, and in his initial request, asking for it in such an un-American way that I think he should have resigned,” said Gingrich.
Paulson has to go. But he shouldn’t be given the opportunity to resign. I believe the correct term is “shitcanned”. Maybe Congress could investigate him on the possibility that he was in collusion with Wall Street too. That is, if they can squeeze it in between all the other important investigations.
Don’t expect either of the major party Presidential candidates to work towards anything but the status quo though. Â They’re going to be busy convincing you that they are miles apart on this issue.