Monday, September 29, 2008
Congress is about to give away my son’s future so their banker friends on Wall Street get to keep their houses in Greenwich. There is simply no other way to explain what is happening down in that cesspool at the other end of Pennsylvania Avenue. Our politicians should be drawn and quartered for this and their bodies hung from the Treasury building. The bailout is unnecessary, unamerican, and it will likely be ineffective. The whole thing has been pushed forward with a manufactured urgency backed up with lie upon lie.
The best lie came from the Democrats: "All of this was done in a way to insulate Main St. and everyday Americans from the crisis on Wall St." (Nancy Pelosi). Insulate? Then why no bankruptcy reform? Why no money for investigators and auditors? Why no commitment to reform the way the street does business? Why no credit card reform? Why no automatic way to restructure the mortgages to make the (presently worthless) derivatives worth more to the taxpayer? Why? Because they are lying to you. This has nothing to do with Main Street.
Virtually no professional economists were invited to comment and testify on this plan, or appear to have been involved in coming up with it. Virtually all of the people involved, including those in Congress who are voting on it, are millionaires who have major investments in the markets. Especially Pelosi, who appears to be the ringleader. They all stand to make millions and possibly billions. Paulson owns $600 million in Goldman Sachs stock alone.
The fundamental principle of this bi-partisan plan is a $700 billion dollar tax shift from Wall Street to Main Street. That's just a fact. Any possibility of taxpayers recouping their losses on those worthless credit derivatives would depend on the housing bubble re-inflating. If it does, God help us, it will only be brief before it bursts again. Talk about voodoo economics. This is the economic equivalent of using leeches to cure cancer.
200 economists wrote to Barney Frank and Co. urging them to wait and study alternatives and they were ignored, as were the millions of Americans who wrote to their representatives screaming with fury. Every single one of those fuckers who vote for this bill, Republican or Democrat, should be held accountable.
What really speaks to how inept and corrupt Congress has become is the fact that if anyone were to ever introduce a $700,000,000,000 bill geared towards tackling our crumbling infrastructure, educational system, or healthcare problem they would be laughed out of the building. If the government is too "broke" to finance Medicare and Social Security, where is this money coming from? It’s all about priorities……….and you are not theirs.
Posted by Mark at 1:46 PM