Posted by
Roxanna M. on Saturday, January 12, 2008 12:06:35 PM
Hillary Clinton has proposed a $70 billion stimulus package to head off a recession caused in no small part by the sub-prime mess. Nothing like closing the barn door after the horse gets out. As usual, The Powers That Be are a day late and several dollars short.
Where were they during the refinancing frenzy? Aren't they supposed to be watching out for us. Didn't it ever once occur to them that low interest rates and easy money was going to come back and bite us? Didn't they learn anything from the dot.com collapse.
There was a whole lotta fraud, greed, and stupidity going on for several years, and they were loving every minute of it. Everything was up: home sales, home prices, new construction, and on and on it goes. Debt was up, too, but hey, let the good times roll. It's a fundamental law of physics that for every action there is an equal and opposite reaction.
Blood, Sweat and Tears said it best: what goes up, must come down. Welcome to the equal and opposite reaction.