ECHOES

This could be considered an addendum to the previous blog SO INDEBTED TO DEBT posted two days ago. http://parcelpost08.blogspot.com/2008/10/so-indebted-to-debt.html

On this day of Halloween celebration, Associated Press reports that Chase, Bank of America, Discover, Citicorp, American Express and other large credit card lenders are urging the Federal Government to allow as many as 50,000 people deep in the doo-doo of credit card debt be forgiven of up to 40% of their balances.

With all this freaky financial turmoil continuing to undermine America’s free market ideology, you might wonder ‘When or will it ever end?’ With the deep, dark, bottomless pit of worldwide failing economies, is that an echo we hear reverberating downward in an abyss of person desperation asking in a helpless voice, “Help me! Help me! Help me! Help me! Please... Somebody help me!?

Financial institutions are asking that this bailout of individual debt be a pilot program, meant to become a permanent practice.

The rest of us should be asking, ‘What’s in it for me?’, sure to deduce that somewhere along the way we’ll be the ones to ultimately shoulder the expense from adopting such a program.

The proposal seems to put us on a path that will lead the country to BIGGER government, a welfare state and to taking measures suggestive of a socialist government. This is the very claim that presidential candidate John McCain proclaims we will find ourselves from the proposed policies of his rival Barak Obama, but we’re already well on our way so socialism as a result of the too-long a period of time from the policy of the Bush administration giving exorbitant tax breaks to the wealthy and corporations.

The balance of scales has tipped in the wrong direction for low and middle class families. They’ve endured eight years of flat-line wages and reduced benefits for taxpayers earning less than $200,000 per year, a figure referenced from the words of Obama. At this point, lower taxes will make little difference to this segment of the workforce – it will only get worse because one bailout after another puts an endless future of paying off the added national debt.

It’s a shame that the U.S. Government still suggests we’re on the verge of a recession, with much of the media in alignment, while the Grand Poobah of world financial gurus, The Economist, specifically calls the goblin what it is. Let’s hope this deity of financial messengers tells no tale that the ghost of future days is upon us. It would too depressing.