The American people are being represented by a large group of “smart” politicians, bankers, economists and strategists who believe that throwing “our” money at a failing economy will fix the problem.
These “experts” have given billions to the financial industry, but as yet it hasn’t helped the housing foreclosures any. Now the Treasury Department wants to make home loans to new buyers at 4.5 percent interest rates. Who is going to pay for this new effort to stimulate the economy? Everyone who has savings accounts, money markets, CDs and other retirement income — mostly retired people. They will have less income to spend with lower interest income, thus subsidizing new homebuyers.
Remember what Joe the Plumber said? He was right all the time.