Who gets the $ (And the blame) ?

The bailout, rescue plan, or what ever we are to call it keeps morphing daily. Last week it was the auto manufacturers who were going to be saved by the plan; today I saw the Texas Independent Bankers Association had a representative in front of a congressional committee, and I wasn’t sure if she wanted something or was explaining that the independent bankers were left out entirely, which they have been.

When there is a trillion dollars being given away, every industry, investment firm,  mutual fund, bank, credit union ,etc. wants to make certain that, regardless of their financial health, they are not endangering their companies, stockholders, or even their employees by not getting  their share of the pot.

Now, it seems that Secretary Paulson, wants to change the whole deal, and as this is being written, he still has not revealed what he as in mind, but my suspicion is that this whole thing has become political.  I hope not, but don’t say I didn’t warn you.

There is a wonderful picture in our local newspaper showing Secretary Paulson testifying  to the House Financial Services Committee, with  Federal Reserve Chairman Ben Bernanke holding his head in his hands and obviously  wishing he were somewhere else instead of trying to tell these partisan politicians things they can’t understand about subjects they have never understood.  And we are talking about nearly one trillion dollars that is to be given away, and there is NO PLAN yet!

We have already given A.I.G. (American International Group) $40 billion, and who knows why, or what they are supposed to do with it, except hold expensive meetings in exotic places as a reward to their executives who screwed  things up in the first place!  I’m still not positive what it is they do-or have not done, but 40 billion bucks!  Lord, helps us!

Another $250 billion has already been used to help the largest of the banks in exchange for “partial ownership” by the government.  I suppose that is a possible way to get our money back.  Who knows?

Politicians who supposedly represent ALL of us don’t seen to have a clue, but the money spigot continues.  Keeps reminding me of the old bankers adage, “You can’t borrow your way out of debt.”  Guess we’ll see.

It doesn’t benefit any of us to blame the past administration.  No matter what they have done to (or for) us, they are home free, and a new bunch will be in charge of this mess.  The current economic crisis, a failing financial system, a war on at least two fronts at this time, a worn out military. a health care crisis, horrible unemployment, failing business situation, unbelievable debt, terrorisim at an all time high, and NO PLAN!  Thanks, W.

Sure, they will leave it to the incoming party and blame them for it all-and more!  Sometimes, public flogging might be in order.  At least, it would make most of us feel better for a few moments.

Some of my very conservative friends, tell me that it is all Bill Clinton’s fault!  Here we go!