Today, the Government Accountability Office will meet with members of the U.S. Congress to discuss the progress of the $700 billion bailout, oh sorry, financial rescue plan.
As I recall, the whole point of this bailout plan was to get banks to start lending money again and, in turn, give people the cash they need to buy big ticket items like cars and houses.
Maybe its just me, but I find fault with any industry that requires a person to go into debt to buy its stuff.
At any rate, last weekend I heard what I believe to be the best definition of the $700 billion bailout: Our government takes our tax money and gives it to banks. Banks, in turn, take that tax money and lend it back to us, at interest.
Well, isn't that thoughtful? And to think that I was skeptical of the whole bailout plan. Shame on me.
Here's one that grabs me. Part of the consideration for maybe giving money to car manufacturers was to save jobs. GM announced today that, among other concessions, it would get rid of 31,000 employees!
Another one: All three CEOs said they would work for $1.00 a year. How about making that $1.00 per year until they pay back the money to the taxpayers!