This bailout will do more harm than good. The wall street crooks who got us into this mess are just trying to line their pockets and are basing their analysis (or lack there-of) on false theories and without regard for the global economy that they have brought us into with reckless abandon.

These self professed geniuses believe the economy will collapse and all lending will come to an end unless we pour this $700 billion into the economy ASAP. I have news for them, it will collapse anyway!

Unless and until our government leaders (if I may use the term so loosely) start recognizing and discussing all of our country’s economic woes as the one entity that they are so as to examine and evaluate an overall strategy to truly act in our real best interest, nothing meaningful can be accomplished.

For instance, our Medicare and Social Security systems will consume 100% of all projected tax revenues in the next 20 years. Nothing left for the military, welfare, infrastructure, or payment of the interest on our national dept. This is impossible, isn’t it?

With no way to pay our lenders back ( we owe the Saudi’s $700 billion and Kuwait $1.3 trillion, and another $6 trillion elsewhere), who will want to lend to us in the near future? Would you? And how is the government going to cover these $100,000 FDIC insured accounts in all the failing banks?

What I see is the inevitable collapse and bankruptcy of America. All government pensions will be eliminated. Health care will be almost non-existent. Our roads and infrastructure will cease to be maintained. Unemployment will be the norm until we shed our manufacturing industry’s high wages and retirement and health benefits and put ourselves in a competitive position in the world economy as I have written of many times before.

As far as the bailout goes, it may delay the inevitable for a very short term period---less than a year. But, over time, the folks with money in the world will be looking to place it for investment and will establish a mechanism for lending on homes and trading the underlying mortgages once again, albeit in a much more sensible and organized way. I doubt and do not think our government and the FED should be involved in any way and the lenders should deal directly with the borrowers in a free market fashion. I picture this happening near the end of the depression that we are entering once our government debts are written off and we start to produce widgets and sell them in the world and our wages are in line with the worlds’ producers---maybe 10 or 15 years from now depending on how long it takes for our populace to accept our new found status in the world economy and when a true leader appears to guide us ahead. I would so love to be wrong but how else can this train wreck end?