The Noble Lie

I am not optimistic about this Frankenstein's monster of a stimulus package that we just passed. Of course, the irrelevance of Congress's bickering is made clear by the Federal Reserve's decision to kick out a cool trillion in loans to buy up bad assets.

In a related story, somebody finally had the cajones to answer the question every American has been asking: why can't that bailout money just go directly to us? The answer will make you spit take. It's because instead of doing the right thing and SPENDING your money, you will likely be irresponsible and SAVE your money.

First off, he's wrong. Almost all of us are in debt bondage of one form or another. A large portion of the money we got would be going right back to the banks in the form of loan, mortgage and credit card payments. Who would be stupid enough to save their money at 1-4% when they are getting socked for 15-30% or more on their credit card debt? Many of us suffer from crumbling infrastructure in our personal lives, from vehicles that don't run to houses that are falling apart. Also, if people save their money, unless they are suggesting that this money would be hidden under mattresses, it would be saved by being deposited in..... a bank. And I didn't even go to Harvard.

Secondly, are you trying to tell us that capitalism is only sustainable when the majority of people sustain their voracious spending and borrowing habits? No wonder we're in the mess we're in.