Book Trailer For Madam President

Thursday, January 22, 2009

What's Good For the Goose

Alright, so the banks get a get out of jail free card. And the automakers. And the airlines. And Amtrack. And the retailers (in the works). And whoever else in Corporate America who can find a friend in Washington. So how about the middle class? Radical. You cannot give money to the people...they might riot, tear the clothes off, not spend it...right. Sure, fine, ok, so you don't want to give money to the people. So lets not give money to the people...let's give them amnesty instead. Here's the deal. All the people slipping into foreclosure (up 81percent last month over a million a month) and declaring bankruptcy and not able to pay their bills, medical bills, credit card bills...they will all be knocked out of our economy. Why? Because their credit will be in tatters. FICO scores rule the day and if you declare bankruptcy or are late on a couple of credit card payments, can't pay your mortgage, your phone, electric, gas, then...(unlike the banks and the automakers and everyone else in greed land) you get a ding on on your credit. So, what happens? You get no credit. That's right. Out of the game. Millions and millions of people will not be able to buy a hut in the swamplands of Florida much less a house. They won't be able to buy a washing machine, fridge, car (durable goods you've heard of them) and so guess what, the very people you want to get back in there and start buying won't be able too. We could take the attitude of that is their fault. Fine. Then tell the banks and automakers and retailers and anyone else getting bailout dollars it's their fault too. What's good for the goose... is good for the gander.
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Books by William Hazelgrove