Evil Bailout Plan saves no one!

Perhaps, the evil Bailout Plan approved by Congress may have some short-term effect on the stock market and the credit system but I still don't see how it can save anyone except bailing out the devils and their toxic debts in Wall Street.

I have just read the article, 'Why this credit crisis hits everyone,' in the Wall Street Journal. While it mentions a number of threats, I don't agree with that those threats can be solved by the evil Bailout Plan:

Regarding the "impact on individuals", while I agree that the credit crunch may mean less money for lenders to lend to individuals and businesses and higher interest rates, I don't think the evil Bailout Plan will help individuals.

In the first place, the present housing and credit crises are caused by over-borrowing and easy credit and I really don't think less credit to consumers is a bad thing.

As for the availability of money, the Fed has been lending lots of money to the banks and this trend will only expand in future. And the fact that many banks are no longer eager to lend to consumers may not be caused by the problem of money! With the poor housing market and its effect on the financial position of consumers in general, tightening of credit is almost a necessity. Yes, a bank may have ample supply of money but it still won't lend to some consumers who are not considered fit to borrow. However, this doesn't mean consumers with good creditworthiness can't get credits! The threat that consumers can't get credit is largely unsupported!

None of the devils and their dear friends can produce evidence to show that reliable borrowers or consumers can't get credit from banks. There are many banks that will be very eager to lend to such customers and this is something that we may have been misled by the threats alleged.

As for high interest rates resulting from Libor, again we are misled. Nothing in the evil Bailout Plan requires the banks to lower their interest rates when lending to consumers, individuals or businesses. All the evil Plan wants to do is to swallow the toxic debts of Wall Street by using public money! Yes, the devils in Wall Street are bailed out by the evil Plan but there is no requirement that they should do the public some fairness by lowering high interest rates!

As for the threat to money market funds, this is actually a non-point. Investors who have purchased such funds as if they were safe investments like bank deposits should take their back their money. This is the only way to protect themselves against bad money market funds and avoid losses. The evil Bailout Plan only provides limited insurance cover and that may not help those investors at all! Indeed, that will create another mis-impression that they will be safe by holding such money market funds! Let all investors holding money market funds listen: redeem your investments right away and take them your money and go to safer haven!

I hope I have explained why the evil Bailout Plan has no help to individuals. Yes, it will bail out the devils and their friends in Wall Street but not you and me. And I don't see why public money should be used in such manner!