After two days of raucous argument over how to shape a plan...
The President acknowledged the bail out will be a tough pill for anyone to swallow..but an absolutely necessity.
Said The President .."The Government is the one institution with the patience to buy assets at current lower prices and hold them until the markets return to normal"
I watched the President 's speech with Jeff Sellers of 'Raymond James',who believes it was on the mark...
" I think desperate times deserve desperate measures. I thought it was clear concise and to the point...
But it will be painful,and Americans have so many questions..
I asked Sellers,
In dollars and cents, How will it affect all of us?
He thought hard and said." Translated into dollars, 700 dollars extra?, 2500 dollars extra?
For every tax paying American..
"Taxes taken out of your paycheck."? ,I asked.
"Possibly..We don't know but we're going to have to pay for it somehow."
What is the hurry?
"Things we starting to get out of control..People were starting to make runs on their bank accounts.Brokerage firms were questioned as to whether they were solvent, and that creates panic."
Whats the worst case scenario?
"We haven't had a financial or housing crisis like this since the Great depression and we were onthe brink of that"
Why should Main Street bail out Wall Street?
"
How long before our investments get healthier?
"My firm believes 2 to 3 years.
When housing prices go up to normal levels, that's probabaly when we see the economy turn positive again"
I believe the Congress will go after the fat cats,make them pay,but we do need to provide the stability.The downside is tremendous."
