George W. Bush is opposed to Democratic subversion of a bailout by making
it more than we can afford. Sure, it would be nice to put money into it
for the unemployed and for all the homes lost - but the more they load it
up with costs the less possibility there is for success.
Bush wants a bailout that is simple and can save the economy so there is
money in the kitty to keep the economy going. The Democrats were
flipping. At first House Speaker Nancy Pelosi was opposed to the idea and
said this was the administration's problem but now, not untypical of
Pelosi, the Democrat from California, now says, "We hope to move very
quickly. Time is of the essence." And move they did. After the Senate
added another 100 billion plus, including garbage, the House passed it and
the President signed it. So much pork the government can get into the
Chinese food business.
"Secretary Henry Paulson, the U.S. Treasury Secretary: "The capital
markets were frozen. We had a situation where American companies were
unable to borrow money. This could ultimately affect small banks, loans to
business, loans to farmers, jobs, people's retirement." (Andrea Seabrook -
NPR Weekend All Things Considered - September 21, 2008)
What did Senator Barack Obama say? He said the price tag was staggering.
He encouraged Democrats to support it. John McCain said it was "broken
institutions" that allowed the meltdown to happen, and as consistently
happens, each attacked the other's response to it but while Obama also
attacked McCain's response which included returning to Washington, when
push came to shove, all of them returned to Washington. No criticism of
McCain's response then. That's politics, Obama style.
The attempts at stablization began with the handouts, also called a
bailout of Bear Stearns, Fannie Mae, Freddie Mac, and insurer AIG. That
wasn't enough. 700 billion is touted as the next step. You can bet it
isn't the last step.
Secretary Paulson said there was no other choice. He said the government,
which is us, must buy the "toxic mortgage assets." The Bush
administration would create another bureaucratic entity to would decide
which assets they would buy and how they would manage them. That is the
plan. It is as incomplete as it is confusing and nobody is going to try to
explain it to the American public because even Congress doesn't understand
it. If it sounds like a scam, well......
But the good news is, we're expected to believe we're going to be making
money with those BAD assets. All we have to do is WAIT long enough. The
eventual tally is expected to be more than a trillion dollars. Maybe much
more. Budget deficits anyone? So, congress has given the administration
the GREEN light to take our money and keep the rich rich and the poor;
well, poor and poorer. Nothing in it for those losing their homes. Nothing
in it for those losing their jobs. But there is money for toy arrows.
Here's Richard Shelby (Republican, Alabama) from the Senate Banking
Committee saying on "Face the Nation" "They've been staggering from crisis
to crisis, and they haven't even said today that this will end the
crisis." Of course not. It is not expected to. Nobody knows anything.
You have all heard it said before that economics is not a precise science.
It isn't even science. It as imprecise as political pundits.
Henry Paulson went on to say, "It pains me. It pains me tremendously to
have the American taxpayer be put in this position, but it's better than
What exactly is the alternative? Nobody says what it is. That is because
nobody really knows. Nobody knows much of anything except how to throw
more of our money at the problems.
I'm sick of it.
Where is the oversight? Where is my cut?
And you thought Tony Soprano was a crook? The government is the real mob.
The real mafia resides in Washington, D.C.
(There will be an article in the Crypt about this for you to post your
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