If you remember, I taped an interview with Tess Vigeland of American Public Media’s Marketplace Money show that ran back in August. Today I was interviewed for a second time, once again along with Jim of Blueprint for Financial Prosperity and Lynnae of BeingFrugal.net. The radio program is scheduled to run this weekend if they can get it edited in time. This time we’re weighing in on – you guessed it – the current economic crisis. If you missed the earlier interview, you can go here and listen to it online, or download an mp3 of the show. I’ll put a link up to the next interview when I have it.
And if you want my two cents on the package, it stinks. Let me tell you that the company I consult for has no idea – none - how much exposure they have to these bad securities. And the $700 billion figure is a GUESS (read that link, you’ll be horrified). And this:
…it lies between the optimistic estimate of $500 billion and the pessimistic guess of $1 trillion about the cost of fixing the financial mess. But the $700 billion is in addition to an $85 billion agreement on a bailout of the insurance giant American International Group, plus $29 billion in support that the government pledged in the marriage of Bear Stearns and JPMorgan Chase. On top of all that, the Congressional Budget Office says the federal bailout of the mortgage finance companies Fannie Mae and Freddie Mac could cost $25 billion.
I’m not sure why we are trusting the same administration that rushed us into a war we didn’t need to rush us into a bailout with minimal oversight, but hey, that’s our elected officials for us – always looking out for the best interests of the American people. It seems not to matter which party we vote for, because the end result’s always the same.
But we’ll see how it all shakes out, because at this point that’s all most of us are – observers. It’s an odd feeling to watch people debate how to spend your money for you, isn’t it?