Outrageous! Now we’re paying for bad car and student loans?!
People. Get on the phone and call your Representative and Senators. Seriously.
Let me make something clear from the outset of this post:
There is plenty of blame to go around.
Let me be clear, however, that the current financial debacle IS NOT the fault of “Wall Street”, as the liberal smearmongers would have you believe. This is called obfuscation.
The fault lies clearly, CLEARLY with Democrats
Please check out Gateway Pundit’s excellent timeline here. He does a great job of explaining just what went into creating this crisis from the viewpoint of GOVERNMENT (not Wall Street) excess.
Now, to add INSULT to INJURY, the clearly-needs-to-be-fired-Henry-Paulson added CAR LOANS and STUDENT LOANS to the bailout plan!!! ARRRRRRRGH!!!
Literal money quote:
Treasury Secretary Henry M. Paulson Jr. stressed that the additions were needed to ensure that student loans and credit cards – which have become indispensable to the spending habits and career plans of many Americans – do not become victims of the widening credit crunch.
Henry didn’t see a problem as he told the Chi-Coms in April of 2007:
“I don’t see (subprime mortgage market troubles) imposing a serious problem. I think it’s going to be largely contained,” he added.
Spitting nails here.
Please be sure and visit the links above so you can get the full story. I would advise that you have relaxing music in the background, and perhaps a tequila or two on hand. The explosion of fury coming out the top of your head might be less painful that way.
h/t Gateway Pundit
How can this possibly be the fault of the Democrats??? Why is this always what’s said after the Republicans ruin a perfectly good economy. “Wasn’t us. Nah, couldn’t be (with hand in the cookie jar).”
PJ,
Thanks for commenting. But I have to ask, did you read any of the links above? Did you happen to see that my initial comment was that there was plenty of blame to go around?
This is an assumption on my part, so take it for what it is, but my guess is you probably don’t ordinarily visit sites that have a conservative bent. I would encourage you to visit the Gateway Pundit link above (http://gatewaypundit.blogspot.com/2008/09/bush-called-for-reform-of-fannie-mae.html)
and read through the timeline presented there.
Even if you don’t agree with the analysis, please take a little time to look over some of the references and do a little research on your own.
In a way, this bailout is the equivalent of the Roman Empire’s patronage economy where the producers gave over (or more accurately, lost to confiscation) the literal fruits of their labor to their “patron”. The patron then lost a portion of that to his patron, and so on, until massive amounts of goods found their way to Caesar. Bottom line…you might have produced enough food to feed your family, but you didn’t get to keep it, so you went hungry.
Similarly, YOUR MONEY (the fruits of your labor, assuming you produce) is taken in taxes by the government who wants to give that money to people who have a track record of poor judgment in managing it.
I can appreciate those who disagree, but I think that the American People deserve better, and that OUR MONEY is too important to allow one man (Henry Paulson) to squander it without appropriate oversight.