The Bail Out: A good thing for lawyers; a bad thing for everyone else?

The truth is, no one really knows what the bailout will do. There isn't an administrative infrastructure in place to dole out money, like say with federal grants and the FAFSA. There isn't any history. It reminds me of the danger of taking a class from a new teacher who has never taught the class and for whom there is no notes; who knows how things will turn out!

But already, it seems that the bailout is good for lawyers. At my law firm, clients are asking questions. And, partners with regulatory experience (we have an office in DC) are ready to lead. A new practice group, it seems, is developing all over this bailout, and the cost, after generating this kind of buzz, is likely to not stay at 700billion. Not when there is so much need by the legal industry to generate fees!

But is it good for everyone else? I have no idea. It doesn't purport to buy up mortgages and reset interest rates.  It "possibly" gives the federal government the power to do that. Considering what the priorities have been in the past, oh, 50 or so years, this is highly unlikely as a priority in the context of this piece of legislation. Not when wall street is sinking faster than the Titanic. 

It doesn't generate jobs, or penalize companies who are cutting jobs and taking them outside of the US. That would be a true "new Deal"-like legislative move, but I guess the politicians don't have the balls of  FDR. Or didn't agree with him. Hindsight does tend to be 20/20.

Right now, it doesn't do anything to help with inflation. Right now, the very idea of it is sending the markets into a tailspin, on fears that to pay for the program the federal government is just printing 700billion plus more US dollars, to be placed in auspicious suitcases and handed out to the most needy wall street millionaire. 

Now, I am just providing conjecture, and elaborating based on grape vine law firm information. But I do hope that this deal ends up doing more for the American people who are funding it than it seems to say on paper. 

And in case my sarcacism isn't clear, I do not support the bailout, as is. I think it is a piece of legislation that is disrespectful to the millions of Americans who pay taxes every day and are struggling from high gas prices without relief, high food prices, or even worrying they will lose their houses.