Why is the bailout unpopular (polling) to avg Joe?
"I'm not willing to cause a major recession ..."
I have to say that you guys (and most of the public) are kidding yourselves about the severity of the problems we face.
- house prices will fall to the long term average or below with respect to wages (at least another 40%) - asset backed commercial paper will become less valuable than it is TODAY. - the government will have to make major cuts to spending and significantly increase taxes just to meet their obligations (minor things like paying their employees, soldiers, people on old age security, and interest on treasury bills) - consumer sentiment will get much worse from here, not better. - we will have a MAJOR recession.
This will happen no matter what is the plan and who is the president. You can start blaming Obama now if you like.