The "economic stimulus" is a credit company bailout
This is the point I was making when the "checks for everyone" plan was debated/announced. 70+% of that $160 billion will go straight into financial institutions.
It's an indirect credit/mortgage company bailout (with the political benefit of letting people think you're giving them money.)
A CNN/Opinion Research Corp. poll found that 41% of respondents plan to use their rebates to pay off bills, and 32% will put the money in savings. Just 21% of those polled intend to spend the money, while 3% said they will donate the extra money to charity.
It's an indirect credit/mortgage company bailout (with the political benefit of letting people think you're giving them money.)
posted by mikevotes at
3:08 PM
2 Comments:
I'm one of the 32% who will put the money aside for a later day. That $500- will buy me about 1/2 ounce of gold.
It's very much a bailout for financial institutions.
By
Anonymous, at 5:19 PM
Yeah. But so much more politically saleable.
By
mikevotes, at 5:36 PM
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