The credit market is not just frozen because of the fear factor. We are very dependent on the loans between banks, and between companies and banks, and between country's banks. It's about companies meeting payrolls this week! Some will not but if a bill gets passed this week perhaps some can be saved because they will get some credit!
Being mad can't prevent us from solving the problem. Ali Velshi on CNN: "Something is on fire, and we have to put it out. We can't just sit by and be mad because some idiots set the fire."
This economic "douse the fire" bill is a piece of legislation. It is important to get a bill in place and passed to free up the credit markets so our economy can function!
When we win big in November, our people can write legislation to have on the floor of the House come the first session in January and fix this imperfect bill.
Again, the crux of this immediate problem is the credit market freeze to mitigate the tough times we are facing. We are in a downturn. This is about no one lending money to people who want to buy homes! Prices have dropped to the point people want to buy homes, but credit has dried up!! Do you get this?
Bank failures, small businesses closing, people, more and more, losing their jobs. This will happen on a daily basis. Homelessness skyrocketing. Unemployment numbers on Friday will be big.
Farmers need loans to buy seeds and fertilizer to get their crops into the ground this spring. No credit. No crops planted. Farms foreclosed.
How do I spell DISASTER!
During the Depression, y paternal grandparents lost their farm and never recovered economically. My grandmother dropped into a deep depression and never fully recovered. My maternal grandparents lost their home, and due to happenstance, got some money from my long lost WWI great-grandfather and recovered and eventually bought another home.
I don't want to repeat this part of my family's history.
We are having a 9/11 economy day. The DOW is the biggest point drop in American history. The old record was set on the first day the markets were open 9/17/2001.
I say write a Dem bill that will pass the Senate, and that the President won't veto, and to hell with the Republican House members