Mike PouraryanThe Economic Tsunami Before Us: Cont'd.....
November 16th 2008 01:21
:
What can we do now?
I was out today talking to folks about the Tsunami we're faced with. One friend noted how his sister's company was forced into bankrupcy and liquidation. Right now, projects selling for 7-8 million dollars are being sold at 10 cents on the dollar. He also related a conversation he had with his banker. All the monies given by the Feds were just hoarded by the Banks. Apparently, there was no guidance given on how to spend the money. So, they spent it as they pleased. The stories about monies going for bonuses and banks buying other banks was true!!! No one should be shocked by it.
I am amazed that somehow everyone seems to be optimistic despite it all. I was glad to see reports that President Bush announced a special inspector for the bailout. I am sorry that it is too little, too late. Congress should have done it a month ago before all the monies went out. As I am hearing the stories and getting increasingly worried, I wonder how President-Elect Obama is going to pull it off. He reminded the country and the world of his committment during his weekly address:
The eyes of the world are on him and Joe Biden. I am sure they now know the extentof the domestic and foreign policy challenges. What can be done? What should be done? What he has talked about is a start. Will it make a difference? I wonder.
I am amazed that somehow everyone seems to be optimistic despite it all. I was glad to see reports that President Bush announced a special inspector for the bailout. I am sorry that it is too little, too late. Congress should have done it a month ago before all the monies went out. As I am hearing the stories and getting increasingly worried, I wonder how President-Elect Obama is going to pull it off. He reminded the country and the world of his committment during his weekly address:
The eyes of the world are on him and Joe Biden. I am sure they now know the extentof the domestic and foreign policy challenges. What can be done? What should be done? What he has talked about is a start. Will it make a difference? I wonder.
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