Thursday, 13 November 2008
Don't believe it!
Remember all that fuss when Congress was under pressure from all sides (including Obama) to vote for the $700 billion bailout? It was to buy out the toxic assets (i.e. bad debts) from the banks - lucky them! Did you believe it could work? Well, Hank Paulson, author of the most expensive plan in U.S. history, has already had to admit that it won't. He's already suggesting other ways of using the money (doesn't he have to ask permission from Congress?!). Obama suggests it should be used to bail out General Motors instead of the banks. How so? Would the government buy up all the unwanted sports utility vehicles? Clearly the politicians don't know what to do, so here's a suggestion: the fund should be given to the states to buy up the houses that are threatened with foreclosure and to let them to their occupiers at a reasonable rent. Oh dear! The state as landlord! But wouldn't that be what Americans call 'communism'?!