Another Week of Ambiguity in Personal Finance

November 16, 2008 by  
Filed under Blog, Economics

I have read more material this week on the economy, investing, and personal finance than I can recall having done in any week prior.  The more I read, the more I learn that there is very little consensus on any current economic issue affecting us, the taxpayers.

Fortunately, less of what is available to read is tainted by political spin, as the election is over and because the lame duck Congress has no clue what to do.  That’s a good thing because whatever they do, it would likely be wrong, including a possible bailout of General Motors.

Speaking of Congress and a possible auto company rescue, isn’t it amusing to hear the loudest calls for a bailout coming from the Democrats?   Mr. ToughMoneyLove thought that the Democrats were all about accusations and indignation at the evil misdeeds, ethical lapses, and corruption of big business.  What happened to that cynical attitude as applied to the domestic automakers?   I’ll tell you what happened:  The unions are pulling the strings on this one.  The UAW is no doubt telling Chris Dodd and other Democrat leaders that they need to lead the charge on a car company rescue, if only to save the overly generous union benefits for as long as possible.  Who says politicians don’t have unwavering principles?  They have at least one principle:  Do what they are told by the folks that supply the most money and votes, even if makes no economic sense for the taxpayers in general.

Mr. ToughMoneyLove had posts selected for the following carnivals this week:

22nd Finance Fiesta hosted by the Financial Wellness Project.

Carnival of Personal Finance hosted by The Digerati Life.

Please give these a read and stay tuned.  Also, thanks for reading Tough Money Love.

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3 Responses to “Another Week of Ambiguity in Personal Finance”
  1. Brian says:

    What Bush should do is tell them no, the union members voted for change and that change will take place on Jan 20. 2009.

  2. Brian: I think that has already happened, which is why we are not seeing calls for a lame duck session. The Dems realize that they will not get a rescue plan passed until the new Congress is seated.

  3. I wrote about this exact topic a couple of days ago and the response has been tremendous. I’ve yet to hear anyone that is for a bailout of the automakers; the main reason is because there doesn’t seem to be assurances of this 50 billion being the last. Will the big 3 be back in 6 months again in the need of cash? That’s the billion dollar question.

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