The sixties musical group the Who, may have had it more right than any of us Boomers could have dreamed with their lyric; “meet the new boss, same as the old boss!” Just when we were all getting ready for some real change, the new guys have started to sound a lot like the old guys. Could it be there is only one way to save us all from depression, dilemma and despair? Let’s hope not.
I speak of the bailout re-do. Bush of course needed to bail the banks out, prompting one of the final needs he had to come out of active retirement to go on television and explain his actions to the American Public. Well president elect Obama, isn’t even officially the President yet, and he is doing the same. Dropping the line that the country can only have one President at a time, unless we are talking about the economy, our new President is laying the foundation for another bail out. Good news is he wants it for the American people. Bad news; like the bank bailout, you and I will probably never see any of it.
For those of you that put that last three hundred dollar check you got from Mr. Bush in the Bank, don’t begin to think this new bailout is going to be coming in the mail. This bailout will be used to get companies who didn’t get any of the last money back on their feet and to give some ever elusive tax credits to the rest of us. Don’t get me wrong, tax credits are nice, but when it comes to making you feel like you got some money its kind of like double dating with your sister and her nerd boyfriend,. Sure you all went to the movie, but it wasn’t any fun, now was it!
We can only hope, that “re-do” two has as good an effect on our wallets as it did for the banks balance sheets. I mean after all, the banks collectively did not turn around and loan the money out or save any mortgage holders from eviction. In fact some may have been able to hire some folks to speed up the eviction process. No one has reported on that just yet you can be sure any bank that gets a billion dollars now sitting on its balance sheet is sitting pretty nice about now despite their best efforts to make us feel they are still hurting!
Last night on the evening they featured some authors that had predicted such things as the Dow hitting 40,000 and how to be millionaire on buying houses with no money down overnight! All plans that yesterday seemed quite attainable. Unfortunately things didn’t work out that way and like these ill fated predictions, bailing out American industry is not a sure fate’ accompli either.
So as we metaphorically all take a deep breath and breathe a sigh of relief that the old regime is about to fade off into the sunset, facing the fact that things are in pretty bad shape sadly will not be that hard for any of us to do. To those doing the drumming of it into our heads, we can say alright already; we get it. Latest news polls show our confidence in buying is gone and our expectations about things getting better have never been lower. As for telling us to go to the mall and shop to feel better, I can only say any trip to the mall now would only serve to make us feel worse, As for the idea of another bailout, our feeling on that can best be summed up by another famous Who lyric; that being, let’s all hope,,,” we don’t get fooled again!”