What a Joke!

From the AP:

“Under the tentative plan, the government would buy the toxic, mortgage-based assets of shaky financial institutions in a bid to keep them from going under and setting off a cascade of ruinous events, including wiped-out retirement savings, rising home foreclosures, closed businesses, and lost jobs. Bush warned darkly in a prime-time address Wednesday night, “Our entire economy is in danger.””

Hasn’t this “cascade of ruinous events” already happened?  So all this talk of people losing jobs and being foreclosed on hasn’t happened yet?  You mean the economy is fine right now, but if we don’t give all our money to the Feds to bail out Wall Street we’re going to be in a recession?

Wake up people!  This whole bailout is just another way for the Exectutive branch to take our tax money and spend it without any checks and balances!

Congress needs to stop bending over and needs to take a stand!

The answer is not to keep throwing money at this mess.  It’s like telling an alcoholic that more whiskey will make him better.

If these assets are so toxic, why are they going to cost hundreds of billions of dollars to buy them?  The government is overpaying on purpose so their buddies at the banks can keep living the high life.  Illiquid means they can’t be sold.  So they’re basically worthless.  Since when does “worthless” equal $700,000,000,000?

Also, the banks and institutions that are going to benefit the most are the ones that are in the worst shape. The ones that made the most bad investments and need to be weeded out are being propped up the most.  What a joke!  

All those people that say that it’s capitalism and greed gone crazy and that we need more oversight are missing the point.  In the back of everyone’s mind, they knew that if times got really bad, Uncle Sam would be there to bail them out.  It’s happened before and it will happen again.  This whole bailout will just increase recklessness in the future.  This is a horrible precedent that we are just reaffirming.

It’s not capitalism any more.  It’s a casino.  A free market would let banks fail and let the market set interest rates and values for the toxic assets.  Instead, the house is creating the odds and the prices.  They’re letting the gamblers run up huge tabs and the walk away not having to pay!

The government does not own us.  They take your money and my money and give it to a select few politically well-connected people.  It is Unconstitutional and un-American to take money from one person to give it to another.  Especially when the person you’re taking it from has been prudent and saved, while the person you’re giving it to has been reckless and irresponsible.

Write your Representative and tell them to stop taking our money and giving it to special interests.  If your Congressman or woman says they are opposed to it and then pass it anyway, hold them accountable and vote them out.  More than 55% of Americans oppose the bailout.  It’s time for our voices to be heard!

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