What is disturbing about our President, and our even worse Congress, is that we are throwing good money after bad in a way that is not only wasteful, but also foolish.
The purpose of the credit card bailout is obviously to increase spending. The credit card bailout does so by socializing the losses that individuals and banks have taken because people bought things they could not afford, while allowing the individuals to keep those toys and the bansk to keep collecting interest payments.
Without the credit card bailout, less bad offers would be made, and more people would forced into bankruptcy by institutions desperate to get whatver cash back is possible, as soon as possible.
However, instead of rewarding bad behavior, this money can be spent on ways that will help our country and our world.
It is clear to me, that we are witnessing an incredible failure of leadership at the Business and USGOV level.
Furthermore, the undermining of the American system of Democratic Capitalism – the obvious lack of support/understanding of that system – by Business and USGOV leaders will continue to have non-trivial short-term and long-term negative effects.