I havenít written in a while simply because I wanted to see what President Obama was going to do his first 100 days.  This bailout of business by our government is not the first in history but it is the largest and most wide spread and is way more than is responsible.  Think of this; someone wants to borrow some money from you and wants more money than you earn and that you would have to go to someone else to ask for the money, would you do it? If you are a responsible person you would tell them NO, but you are told that this is a one time loan and in the short term it would help them out a lot. You said ok because it seemed like the right thing to do. Now you have more people with more problems and they too are with their hands out wanting money.  Now if you cared about your credit and your standing in the community (the world) you would do the tough thing and say no. However it is our government that is trying to make everyone happy and it can print more money so it is planning on printing more money. When the government prints more money it devalues the current currency in the world market. There are a number of things that the value of money comes from one is the products produced the other is the work ethic of the workforce the third is the price of services or products. The more money that floods the market the less the money is worth. This is evident with the price of oil. When the public refused to buy a gallon of gas at four dollars a gallon the price started coming down because the gas became more abundant and the refineries came back online after the Katrina storm shut them down. As gas became more abundant we now enjoy prices of fewer than two dollars a gallon.  Now that money is becoming more abundant the price of gas is starting to rise again. Why? The dollar is worth less. As the dollar is worth less things will cost more, as the dollar is worth less your purchasing power will decrease accordingly. If you are in a job and earning an hourly wage the time you are working just became less valuable.

 

    Now what to me seems stunning is that the government passed the stimulus bill with less than just a few days to view this very large and complex bill that is suppose to stimulate the economy.  This bill is a bail out for a number of companies one of them being AIG not to mention some pork money wanted by some in congress. We now see congressmen saying that contracts that allowed bonuses were unknown to them however the bill they passed allows for those bonuses.  Executives of AIG now fear that releasing the names of those who received bonuses may place those employees in danger and fearing for their lives. To make matters worse Democratic Congressman Barney Frank is threatening to subpoena and make public the names of those who received those bonuses.  If that werenít enough they are now trying to pass a bill that would tax those bonuses 90%.

 

    If someone had told me a year ago that something like what I have laid out here was going to happen I would have thought that their imagination had been working overtime; but yet here we are. To say that those making this happen are stupid or retarded is a blatant insult to stupid and retarded people. This whole mess of incompetence should be investigated for criminal prosecution of those in congress and those guilty should go strait to jail after being tried in public.

 

Sincerely,

 

Jim Gibb