So our government is sending out a Band-Aid or two. Yeah! I can buy gas for a couple of months, then everything will be back to as it was. If the powers that be were really serious about stimulating the economy, they would do two things immediately:
1. Allow the interest on credit cards to be deducted, as it once was.
2. Require mortgage lenders to rewrite all those creative, adjustable, interest-only loans to the current 30-year fixed rate at the current value of the home with no fees attached.
The federal government has wasted money bailing out Countrywide Home Loans just to have them bought by Bank of America. Bailouts do not work unless they have the potential for long-lasting and continuous effects. I'm no senator or corporate president, but I do have common sense. The package our government has proposed does nothing in the long run, as usual. Corporations will still make multibillion quarterly profits at the citizens' expense and the economy will not improve for the common Joe.
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