Wednesday, September 17, 2008

Oh, Not Again!

Apparently, we have a new favorite word on the streets. Let's spell it out! B-A-I-L-O-U-T. Yes, Bailout!!! All the big corporates are getting special treatment from our government these days. They are in debt and now government helps them to clear it all for them!! But remember, the government's money is your money = tax payers' money!!!
Is this fair??? I know there are pros and cons for this wonderful term called bailout, but really, who are we kidding???

Today, the Treasury Department and the Federal Reserve allowing $85 billion bailout of AIG. $85 billion folks, $85 billion!!! Can you imagine how ginormous the amount is???? I thought it's in 'm', but it's 'b', billion! (okay, I sound like a broken record here..) I believe if my memory is correct, AIG is a private company. Don't get me wrong, I have no ill feeling towards them; actually, AIG was my car insurance when we lived in Hawaii and they were quite frankly, very kind and smooth operators when my husband, JT got in to the accident back in 06. I would hate to see AIG go, but I also think that the government is doing more damage than helping our fragile economy by bailingout so many private mega companies too easily...

So, I asked myself this question: What can we do with that $85 billion? Let's see... How about if we bailout all these American citizens who struggle everyday with no health coverage, jobs and income? People are getting laidoff, their paychecks being cut in half or can't find new jobs. They're losing homes and more people are becoming homeless. Why don't we spend the money to pay off medical bills for so many unfortunate people who aren't covered by their health insurance?

Or how about this? What if we would donate the money to our public schools nationwide? We are in dire need of school funding; teachers are losing jobs, too, which means lack of quality education. Our children need schools; good schools where they'll learn the importance of education which will lead them to a good future.

I think with that $85 billion, we could help ease many problems this country faces today at least a bit or am I being too naive?? I don't know... It just scares me that our economy is in such a bad state. Oh please someone tells me good news!


RiverMist said...

All I have to say is:
being the troops out of Iraq.

MJ said...

I agree! No more bailing out private companies! If they fail, it's their own fault.

Luckily this bailout of AIG is just a government loan. IT has about an 11% interest rate, so AIG will be trying to pay that back ASAP.

Bayjb said...

this stuff is seriously worrying me too. I don't totally get how this stuff happens. makes me nervous.

colbymarshall said...

Think of how much gas $85 billiong could buy...about ten whole gallons! Heehee ;-)

Maki said...

rivermist: Don't we all want them to come home safely... I really do hope for all the service men and women's safe return.

mj: That's right, if they fail, it's their own fault!!

Oh! I didn't know - I'm glad to hear that this bailout is a government loan. I hope AIG will be able to pay that back, just like you said ASAP!! But that's ton of $$$:( I could faint just thinking about paying them back.

bayjb: I know it's so disturbing isn't it? How could those huge companies mishandle their finance so badly? I don't get it..

colby: LOL.. You're sooo charming. You always know how to laugh and make others smile when the world is spinning out of control! Thank you :)

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