The federal government is getting ready to take tens of billions of dollars in ownership stakes in companies outside the banking sector, significantly widening the scope of the Treasury Department's rescue effort beyond the $250 Billion set aside.
As I read this the more depressed I became. As an American citizen I would like to believe our Government when they say they are doing something to aid the homeowners and taxpayers, yet from what I gather, all I am seeing is a big benefit for the boys on Wall Street and nothing for Main Street. This bailout was to have helped the ailing home values and people who were facing rate increases and foreclosures. False hope has once again been given to all of us.
Great, just great. While we wait, jobs are getting scare, food prices are rising, utilities costs are skyrocketing and small businesses are going under. The stock market it is not doing so well. Maybe a suspension on foreclosures for at least a year to make the lenders face facts should have been implemented; maybe the bankruptcy judges should have been given the right to modify home loans. Instead we are seeing cities imposing overnight parking fees for our public streets, increased rates on most everything and no real help at all.
Now all I guess we can do is wait and see what Obama's people will be able to do.
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