The Washington Bail-out Plan - what do you think ?
I had a little time today to watch Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke get grilled by Congress today regarding the $700 billion bailout plan.
I have mixed feelings about the plan. I agree with Jim Cramer of Mad Money who says "The Paulson Plan is the Best Plan" - see His Video in that to a certain extent there really is no other option. Without it, companies like Washington Mutual and other banks could just go out of business. On the other hand, does it reward the companies that did faulty banking by giving them a free pass to a degree ? Is that fair to all us taxpayers ?
With the combined bailouts of Bear Stearns, AIG, the Housing Bill, and now this, wow - is a lot of money !!! How is the plan going to benefit the individual taxpayer at the end of the day ?
Either way, I doubt that Barrack Obama or John McCain will be able to get any sort of tax cut through the system now.
What is your opinion ?
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