Wall Street took a dive today, the reason? Well the sentiment is that maybe we are not headed toward recovery, and maybe we just got way ahead of ourselves. When word got out that Congress and the administrations was talking about additional government stimulus...it kind of gave them the jitters My thoughts? Let whoever is going to fail.... fail!
First I would like to know what all the previous stimuli has done to get the economy going again? Is that too big a question to ask? The administration promised after the last massive budget busting stimulus money grab that it would prevent us from going to 9% unemployment this year. Guess what? They lied. We have already surpassed the administrations and all the advocates of the massive bailout projections of dire consequences if it was not passed. We are now near 10%. None of the interventions have increased the sale of anything but distressed properties, foreclosures are still rising, and buyers that area afraid to take the plunge in case they are next to be let go on their own job. As far as the new stimulus talk....someone must have told the politicians we are not totally broke yet.
As far as all the monies that have been spent thus far....has happened so that all those that contributed to the politicians elections have been rewarded at our expense. Obviously, in keeping with the way things are done in Washington DC.... the stimulus monies are not tied to performance...just empty promises and paybacks.
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Personally I think that hthe banks that received TARP money needs to start hiring some of the unemployed people, train them in the short sales and foreclosure process and start getting Americans back to work. Would help everyone. People can keep thier homes, earn some money, stimulate the economy and the taxpayers can get something out of it.