allincorporate.com

The US government has proposed to create a 700-billion-dollar rescue fund. This fund will be used to buy back bad debt from ailing US banks and other financial institutions. The President is telling congress that he wants this thing endorsed right away so he can put it in effect. The thing is that is one heck of a lot of money. I mean that is going to raise the national debt to 11.3 trillion dollars. The president said: “This is a big package because it was a big problem”. He argued that the drastic measures were necessary to keep the economy going. The president admitted that the plan would be funded with tax money, but added that “over time, we’re going to get a lot of the money back”. Wow…let’s borrow money to pay off the bad debt of other borrowed money. Talk about robbing Peter to pay Paul.