Unemployment keeps rising and people wonder why small businesses aren’t creating the number of jobs that the Bush Administration and the Obama Administration have said would be created.
Maybe, just maybe, it has something to do with the fact that no one knows what the government will look like in the next year or two?
Maybe it has something to do with all the potential increased costs if the Cap and Trade bill or the Healthcare Reform bill make it through Congress to the President’s desk? Who knows?
Maybe it has something to do with the fact that Secretary of the Treasury, Henry Paulson lied to Congress and the American people when he said, “These are healthy institutions, and they have taken this step for the good of the U.S. economy. As these healthy institutions increase their capital base, they will be able to increase their funding to U.S. consumers and businesses.”
The bailouts did nothing but prop up banks which should have been allowed to fail. Sure, things would have been tough for a lot of people, but if the banks were insolvent, they should have been allowed to fail so the system could correct itself.
But what did we get instead?
We got one great big headache, a big ol’ pocket full of debt, and a bunch of banks that are still on the verge of failing because $700 billion wasn’t enough to provide the financial security they needed to open up lending to consumers and businesses again.
I bet the next thing they’re going to tell us is that the Obama administrations revised estimate of $2.2 trillion in long term deficits was incorrect as well.
Thanks a lot Hank, for nothing.