The President-elect is naming his economic advisors -- a very smart group. And he has demonstrated determination to face the problems squarely and comprehensively. But are we expecting too much in the way of a bailout or stimulus plan?
What worries me most is that many people seem to expect miracles, instant miracles. I was on a local call-in show Monday evening, and found that people in this particular audience were expecting a check to arrive in the mail. That was their vision of the upcoming economic plan.
One caller complained that a few hundred dollars a person wasn't going to make much difference. Instead, he proposed that a check for $50,000 be sent to each American for the "bailout." He was serious! Asked where the money would come from, he responded quickly: "From the paychecks of all those rich CEOs that have been ripping us off!"
I guess that balanced off the outrage of last week - the utter stupidity of the top auto execs private-jetting their way into Washington to ask Congress for money, without even presenting a plan. Were their expectations any more ridiculous than the sentiments of the guy on that phone call?
Can this get any more ridiculous, any more extreme? And, by the way, where are we going to get all this money for the "bailout" that everyone is expecting?
Terry Savage writes a syndicated personal finance column for the 
