As many of you read this post, it will become obvious that it is not as structured, researched, or probably as good, as my typical style. But time constraints and lack of patience for our current national leaders has left me no choice but to do a 'ranting-post'. So my apologies.
With my disclaimer out of the way, I can continue on with my thoughts. President Obama went on his, what I'd like to call, "Outrage Campaign" last week. His outrage is in unison with the majority of American's who are outraged with Wall Street's actions, government bail outs, etc. One remark summarized his thoughts, "How do they justify this outrage to the taxpayers who are keeping the company afloat?" I would like to rephrase his statement, hopefully without changing the meaning, but proving a bigger point:
"How dare AIG continue doing business as usual?"
What did the government expect? They give hundreds of billions of dollars to a failing financial institution, which is failing because of horrific business decisions, greed, and lack of regulations; put zero, ZERO, restrictions on how the money is spent, and they are shocked that they are continuing on as usual? Those of us who were opposed to government bailouts from the beginning could see this coming. And yet, they are still "too big to fail". The Federal Reserves is now discussing using trillions, trillions, of dollars to buy "toxic assets" to bailout suffering institutions. The Treasury Department is also considering similar plans. What does this excessive, ridiculous spending mean for us? The Middle Class?
President Obama's entire campaign revolved around restoring and uplifting the middle class. "Oh yes, we can!" How does his latest actions affect those who got him elected? I believe that the trillions of dollars that the government is spending to "stimulate" or "bailout" or "rescue" our financial foundations will inevidibly and absolutely result in massive inflation. The government is counting on this. If the dollar inflates, than in 5 years or 10 years when the taxpayers are expected to pay of this blackhole of endless debt, the trillions of dollars won't seem as much, because the dollar is worth so little. Who does that hurt the most? In my opinion, the middle class. We are the ones putting money away for savings, retirement, college education, etc. And when the value of the dollar decreases, which increasing the money supply without the assets will do, it will be worth less. I see all of these "rescue efforts" as tipping the first donimo, and President Bush and Sect. Paulson started it. The domino's that will inevitably follow are massive inflation, increased unemployment, higher taxes, all of which could turn this deep recession into a depression.