Posted on 09/24/2008 8:31:04 AM PDT by Positive
Schumber seems to have glaumed onto "why can't we just give you small fractions of what you ask while we watch to see..."
- First of all he sneers at the difference between his initial number of $150 billion and "the plan's" number of $700 billion; $550 billion is a "mighty steep price to pay for confidence. My view is that if investors and savers have to wait months to see if there will really be a full out attempt by Congress to attempt this rescue...that could make the $550 billion end up looking like chump change.
- Second, Schumber sarcastically says, "this is a mighty large sum for us to be reliant upon just trust." What would he like Paulson and Bernanke do to put their personal financial guarantee on the sum? Further, the much ballyhood success of the Resolution Trust Commission back in the early '90s is of small consolation to me. On Sept 23, 1994, after the RTC had a chance to deliver results, the Federal Dept (note the Feds call it the public debt) was $4.7 trillion...today it is $9.8 trillion... since the Feds have dug us a hole that is twice as deep as it was 14 years ago...where would we be today had there been no RTC.
Point is, I don't think one in 20 Americans TRUST trust the congress to be of any help is solving this problem, Schumbler included.
The bottom line is that Government caused this problem.
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