So America is facing an historic financial crises and the only thing we can do to avoid a complete meltdown of all financial markets and a second Great Depression is to bail out Wall Street.
I guess the best thing to do is to hide in our homes and cower in fear and tell the government to do “whatever is necessary” to protect us.
LIKE HELL IT IS!
Have you seen this SEVEN HUNDRED BILLION DOLLAR bailout? It’s a complete fucking outrage!
Look, I get that if we allow all these Wall Street firms to fail that pension funds (especially state and teacher’s pension funds) all across the country go under. And I realize that thousands of individuals lose most of their 401k’s and money market funds will circle the drain and all that. I realize that and I’m not necessarily opposed to protecting those at least to some degree.
I do have to laugh at some of my “conservative” friends who I listen to rant and rail against “welfare queens and people with their hands out wanting the government to be there for them and provide for them” all the time. It’s funny how they feel that way until it’s THEIR 401k that is about to take a crap and all of the sudden they’re first in line with THEIR hands out.
What really pisses me off about this bill is that it’s nothing more than a big old corporate welfare bill. I keep telling people that corporations are actually the biggest welfare queens in the country and this just proves it. And it’s a massive executive branch power grab.
This bill will is a transfer of wealth from the middle class to corporations. Wall Street firms are being relieved of their debt and the American People are being told to take that debt on. And we get no say in the matter at all.
And check out this part of the bailout bill…
“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”
That’s right kids. Our government is giving a check for $700,000,000,000.00 to the secretary of the treasury and saying “do whatever you want with it.” There will be no oversight, no questioning, no opportunity to audit, nothing. An unelected man will be given full autonomy to do whatever he pleases with this money.
But wait, that’s not all! In addition to all the other goodies, the Treasury Secretary is authorized to hire any Wall Street firm to help him administer this nifty little plan.
HE GETS TO HIRE THE ARSONISTS TO PUT OUT THE FIRE.
Now, I know there are some people out there who say “Hey, it’s possible that the taxpayers could actually make a profit off of this.” They claim that if the gov’t buys the debt at the right price, that they could, after the real estate market recovers, sell these mortgages and securities off at a profit.
Yeah, they could, but that is assuming that the government will take care to make sure that they buy this debt at the best possible terms for the taxpayers. But, if they put the American People’s interests in front of the interests of Wall Street and corporate America in this, it will be the first fucking time they ever have.
But really, even with all of that here’s what really burns my ass about this whole thing ….
Nowhere in this bailout are there any punishments or repercussions for the banks and financial institutions that caused all of this. Don’t you just love how any regular everyday person who declares bankruptcy has to go through the whole public humiliation and scorn routine, but corporate leaders don’t? You know, if a person declares bankruptcy, they get their name in the local paper, along with their assets and debts. They have to appear in front of the judge, in an open court hearing that the public can attend. Then they have to stand there and have the judge wag his/her finger at them and tsk, tsk them. But, when Wall Street CEOs dump 700 BILLLION on the taxpayers, the government just pats them on the head and says “Awwww it’s okay, we’ll take care of it. Don’t you worry about a thing.”
And before you start it, don’t. I don’t want to hear about how this is the Republicans fault, or the Democrat’s fault or McCain believes “this” or Obama would do “this.” Bull-fucking-shit. They’re just trying to tip-toe through this and toss out focus tested lines and positions.
Okay, so you’re probably already tired of my ranting. But, I encourage everyone to write or call your congressman or senator and tell them that this bailout plan, in it’s current form, is 100% un-American and unacceptable.
And now we hear that they’ve decided that FOREIGN financial companies should be allowed to have some of their debts taken over by the American taxpayers too.
Anyone ready to move to Mexico with me?
Also, feel free to disagree with me and tell me how and where I'm wrong.
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