It is difficult in writting on the Emergency
Stabilization Act. Now, isn't that a nice title
for a bailout? Stabilization? Ah, when will our
checks be in our mailboxes? What's that you
say? It's not a stablization for us? Oh, it's for
banks and investment companies. The elites
win again thanks to the Republicans and the
Democrats. The rest of the 96% U.S. citizens
take it in the shorts!
It is hard to discuss the crisis, because it
is concerned with debt, mortgages and selling
of mortgages and the reselling of mortgages,
credit, liquidity, and the supposed need of
$700B of "taxpayer" money to save the "system".
(I put taxpayer in quotation marks, because in
reality the money will be borrowed from China,
Japan, England, et al. The "taxpayer" will be
left with an I.O.U. through our grandchildren.)
Such economic knowledge is not available to be
interpreted by most U.S. citizens.On top of all
these economic issues, we are told we must act
immediately. The Treasurer tells us so, the
President tells us so, Congress tells us so.
Then, it must be so. Anyone smell a rat here?
Think about it, there were no real Congressional
hearings. Only people permitted to testify were
those in favor of the $700B. What Party is it
that controls Congress? Go ahead now, tell me
there is "a dimes worth of difference." It has
been a 'fait accompli'.
This is a borrowed bailout, pure and simple. We
can do nothing. But, the consequences will be
lost jobs, lost 401ks, and foreclosed homes. The
bailout just pumps money, money we don't have,
to buy billions upon billions of mortgages. Here
was the situation that precipitated the crisis.
The situation is known as 'flipping', that is, a
homebuyer buys a home, in a few months they sell
it for a profit, and buy a bigger house, then
they sold that house and bought a more expensive
house. Look, these 'homeowners' knew what they
were doing; it was greed on their part and now
we are supposed to keep these people in their
ostentatious homes, way over what they knew they
could afford. Yes, they were encouraged by real
estate, banks, and investment houses to over
extend, but they knew what they were doing. All
we are doing is continuing the permissive society.