If a person gives money to the needy we usually call that person a philanthropist. In the past when a person took from the rich and gave to the poor that person was known as Robin Hood. When a group of people get together and set up funds for one or more other people in need, we look at that group as modern day angels. When someone stands up and suggests that it is in our best interest to reach down and give to those less fortunate we probably are listening to a person with Divine inspiration. But what do we call a group of people who act for the good (?) of mankind and give enormous amounts of money to people in need (?), only they are giving your money in particular and probably very little of their own? I believe they are called congressman and senators. The real irony is we don't even have the money they are giving. We need to borrow it from anyone who will loan it to us at almost any rate and term. Perhaps we should choose another name for these legislators: insane people, crooks, well meaning out of touch star gazers or maybe I am just describing who they really are or have become.
Hank Paulson, the Secretary of the Treasury, came and scarred everyone a month or two ago with the thought that hundreds of thousands of people would be laid off because the banking system had frozen to the point that payrolls couldn't be funded. His answer to the problem was 3 pages long and ended with a largess of $700 billion dollars. The problem was real, no doubt about it, but was the solution? I am beginning to think not for two reasons: it took a bribe to the legislative branch to pass the bill and it was the fore runner for trillions of dollars being given away for every thing from "soup to nuts". Understand that we are now in the soup and either us or they were nuts!
Our latest fiasco is the Big 3 automakers flying to Washington to ask for $25 billion dollars. The boys were severally criticized for wasting a large amount of money flying in their own private jets to ask for money (they might have done better hitch hiking) and also, by the way, not having a plan of what they would do with the money and how they would repay those dollars. Most people were more interested in the plane flight than worrying about the money, and by the way, Nancy Pelosi flew back to the hearing on her private jet with our private money fueling said jet.
Roger Schlesinger
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.
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