RSSWhat You Mean We White Man?
J.J. Jackson | June 16, 2009
Joe Biden has a confession to make. That confession is that he and his boss and the Congress have not idea what they are doing with regard to the economy. However in order to make it seem like nobody at all has a clue he of course claims that everyone was wrong …
“Everyone guessed wrong at the time the estimate was made about what the state of the economy was at the moment this was passed.” – Joe Biden
Uh, what you mean we white man?
Let’s look at the facts. I, for one, warned that the stimulus as proposed would not help because I knew exactly what was wrong. What was wrong was government trying to force a square peg into a round hole by coaxing lenders into making “sub-prime” loans to people that should not be getting a loan to by a cheeseburger much less a house. This then turned into a panic as default rates rose. This caused the credit markets to dry up as lenders were worried about loaning money to certain customers. Credit card companies began to raise rates and people stopped using their cards. As credit card use slowed, these companies quickly became under capitalized. The result? Money, money everywhere but not a cent to spend.
Biden tried to defend the plan however saying, “The bottom line is that jobs are being created that would not have been there before.” Well, that is all well and good. But paying one man to dig a hole and another to fill it back up again really doesn’t serve a purpose does it? Neither does creating temporary jobs that will go away in a couple months picking up trash. It is not that jobs are being created it is what the jobs are.
So while Biden and Obama continue their pow wow to try and figure things out America continues to burn.
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