http://episteme.ca/2008/09/19/im-not-an-economist-but/
I’m not an economist, but…
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I just read the info on the new US mortgage bailout.
I’m bothered.
I can’t figure out how this works. I mean, I get the idea – the federal government purchases (and later attempts to sell) “hundreds of billions of dollars” of bad paper.
But, if the paper is no good, it means there’s no resale value.
So, that hundreds of billions of dollars gets piled on top of the federal debt.
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Well, I’m not an “eccky-nonny-mist” either, but … …
(1) Where does the gooferment get the authority to pick winners and losers in the marketplace?
(2) Where is the money going to come from for all this “saving”?
(3) Where is the end of the national debt raising?
(4) When did the Federal Reserve become the bankruptcy court?
Sigh!
Call me a “gold bug”, but I can’t afford any more of this type of “saving”. Not that they need my permission. They just do what they want.
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Reinke Faces Life 