13 November 2008

What? Is Paulson Nuts?

According to Bloomberg there currently is over $356.3 billion in credit card debt, $256.3 billion in student loan debt, and $199 billion in auto loan debt. Paulson wants to increase funds to push more debt out into the system which is hideously overextended!

More debt is not what the economy needs. It needs more income at the lower and intermediate levels to spur spending and service current debt such as mortgages.

Put people to work in government-sponsored public service projects, infrastructure maintenance and improvement, schools, police forces, and government-sponsored green industries. The system needs money at the bottom to have trickle UP. Trickle DOWN does NOT work!

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