FEEDING THE HUNGRY US ECONOMY

The Bush Administration gave tax benefits to every tax payer in the hope that the money would be spent to boost the American economy. Those that figured that out were about as 'right on' as they were about the war in Iraq paying for itself with Iraqi oil and about our soldiers being met with flowers and thanks. It is certain that there are a few philanthropic people still in the US though what we hear mostly is of the entertainers, sports, and the billionaires from the technology boom who spend their money in Africa, India, China and many other places other than in the needy US. I suppose that we can count those who buy merchandise, like the hottest Christmas item for Christmas in 2006, (the $100,000 diamond studded dog collar), a boon to the economy but, in fact, it took few people to make them and will feed few.

The poor, who will get the pittance of $300 from our overly generous (but heavily indebted) government. They are hanging onto their lives by a thread and will probably stretch that money (if they don't need it to pay taxes) by spending it in places like Walmart, in which case they might just as well have mailed it directly to china.

US bank Bear Stearns has got emergency funding, in a move that raises fears that one of Wall Street's biggest names is on the verge of collapsing.

JP Morgan Chase will provide the money to Bear Stearns for 28 days with the Federal Reserve of New York's backing. Call me incredibly high-finance naive, but I do not see how bailing out an investment firm has more merit than bailing out the companies that went under and put so may people out of work (who have not been able to find jobs since). I remember a saying: It takes money to make money. The United States has long since maxed its credit. It will be a long time before it has much to invest in education, health care, infrastucture, its children, or its people. How sad for what was once a country of which we all could be proud.