Monday, October 06, 2008

700 Billion Dollar Mistake

Maybe I'm feeling a bit rash after listening to the latest Paramount Equity commercials.

Hayes Barnard is always claiming to have the lowest rates the world has ever seen, but NOW, thanks to the "firepower" provided by the approval of the $700 billion bailout they are able to offer lower rates to more people then EVER before.

I know our good friend Hayes would spin the situation however it turned out (see deceptive advertising featuring our very own Paramount Equity). And maybe I'm missing something by not being an economics major, but it seems to me that this is an indicator of what happens when $700 billion is suddenly given instead of owed - more of the same.

This is why I sent messages to my congressman urging him to not pass the bailout (Props to Blumenauer for voting Nay both times through!)

4 comments:

Jeremy said...

I think this highlights the biggest flaws of our economic system. We have become an economy based on consumption, and are becoming(have become) an economy that relies upon credit to fuel this consumption. This cideo is well worth watching, http://www.storyofstuff.com/.
In light of this it really makes you reflect on what it means to be a "set apart" people, but not a disengaged people.

Mexico or Bust said...

Is this what happens when I leave the country for 2 months. You know I don't come back for another 2 more. Since they already put the country in the pooper what else can they do, beside flushing it the rest of the way down. Side note: I hate those stupid Paramount Equity commercials"

Scott E

David Knepprath said...

Thanks for commenting Jeremy. We definietly need to spend some quality time catching up! I look forward to hearing you opinion on the Rob Bell's latest book. I'll send you an email.

Scott, you might be better off staying in Mexico. ;)

Mexico or Bust said...

The Mexican Peso has fallen as well. All the locals say it's normal and the that it's fluctuates from 10 to 11.60 compared to the US dollar. They say it never goes to 9 and never goes above 11.60. It was 10.16 when I got here and now it's 11.47 so I don't know maybe we all need a lucky rabbits foot and some help from the big man upstairs.