$350 Billion in the Hole and Record Unemployment: Time for Something Different

Did I miss something? I mean, wasn’t all this money supposed to help the economy, protect jobs, ease foreclosures and clean up the sub-prime mortgage mess? Wasn’t all this spending supposed to build confidence in the financial system and break the logjam in credit? Yet here we are, $350 billion into the bailout—and that is not counting the billions that had already been spent to bailout, stimulate, rescue (or whatever other verb you wish to insert)—the economy and so far, here is what we have to show for it: The highest unemployment in 34 years and more to come A whipsawing stock market in a downward spiral The credit logjam is still entrenched The threat of deflation Problems finding venture capital for start-ups The auto industry begging for a piece of the pie Companies changing their businesses to qualify for a bailout Little consumer or investor confidence Really ticked-off taxpaye... [Read Full Article]