No Leprechauns in America
For centuries, the leprechaun has served as a symbol that everyday people through luck or hard work might one day be able to obtain their own pot of gold. For American’s those days might be over.
Hoping to avoid a sytemic meltdown in financial markets, the Federal Reserve agreed yesterday to approve a $30 billion loan to engineer the takeover of Bear Stearns.
The loan marks the first time in our nation’s history that the federal reserve has bailed out an investment bank.
The problem is that Bear Stearns is a victim of its own faulty business practices, and by bailing the bank out, the Fed is essentially putting the kid back in charge of the very candy store that he stole from.
Currently, American’s owe more money then their houses are worth, the stock market continues to tumble, unemployment is rising, the dollar is falling, and if the bail out of Bear Stearns fails, infusing an additional $30 billion into the economy will likely cause widespread inflation at the very time when American’s don’t have the money to spend.
So while it might be St. Patrick’s Day, just remember you can’t celebrate without the beer money.
I just received my income tax return check in the mail today. Since I mailed in my taxes in early February, I have been eagerly waiting for my return to come, on top of the rebate checks coming in May. But the last week leading up to today, I’ve realized that some of the plans I had for the money were starting to fade as my bills piled up. When the economy slips, my rate of pay seems to slide with it. With inflation sticking it’s hand in my pocket, I am starting to feel the weight of all my debt on my check book.
I was planning on spending quite a bit tonight on myself and friends, I mean hell I am Irish, and I should celebrate the best way I can, drinking and having fun. But it seems the economy has a way of ruining my fun, even on my cultural holiday. I wish I could get away from this country, my debt, and all of the stupid things that our government does, like loan money to an irresponsible bank, but it seems like no matter where I would run to, America, the U.S. government, and Uncle Sam would still find their way into my life.
Happy Saint Patty’s Day. Who wants to buy my broke friends and me some drinks?