Does The Bailout Plan Screw the Poor?


image: Theodor Kittelsen, An Unfortunate Bear Hunt

If by “poor” you mean responsible taxpayers who fulfill their financial commitments each month even if it means delaying nonessential purchases, then yes, the bailout screws the poor. OK, maybe that’s stretching the definition, but who else could Brazilian President Luiz Inacio Lula da Silva be referring to when he told reporters the United States bailout bill neglects the poor?

“They want to help the banks and not help the poor,” Lula said late on Saturday in Sao Paulo during a campaign rally ahead of Oct. 5 municipal elections.

“Why give $700 billion to the banks and no money to the poor guys who lost their houses,” Lula asked, according to local media. He referred to the troubled U.S. housing market.

Methinks Lula needs a bit of Economics 101 before he opens his mouth again.

Published by Jenn Q. Public on September 29, 2008 at 4:29 am

Filed Under Economy

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