Apparently the international market is reassured by the fact that our banking system is so screwed up the federal government has to step in and save it. That should be our first clue that this 700 billion bailout is not a good idea. International markets are by definition agents of competition, if they are all backing the same horse, then something is wrong with the race.
According to Julie Hirschfeld Davis and Deb Riechmann of the Associated Press in the third to last paragraph of their article “Bush team, Congress negotiate $700B bailout” on Yahoo! News this rescue would n
ot require any repayment of loans, instead it would allow the treasury department to name banks as “agents of the government” expected to perform “reasonable duties”. What does that mean? Banks are private concerns with privileged information about private citizens and entrusted with the safekeeping of private funds.
Now the government wants to use our tax dollars to save large corporations from their mismanagement of the
money we entrusted them with. If you ask a friend to hold onto a thousand dollars for you so that you’ll have it for Christmas and they loan that mo
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