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As you probably know, if exposed to any news at all in the past two months, the Federal Government is bailing out the financial industry to the tune of $700 billion (or more…much more). With respect to the banks, their plan is to buy up bad debt with the hope of resolving the financial crisis and perhaps some day recovering that money.
No government estimate has ever come in on time and on budget, so don’t bet your life on that $700 billion being enough. In fact, Citibank already demonstrates that unexpected emergencies loom around every corner.
Now everyone is looking for a bailout. Home owners want a bailout. Cities want a bailout. Auto manufacturers want a bailout. The fact is, we want a bailout too. Don’t you? Fair is fair. If you give a dollar to Agnes you have to give it to John. You cannot reason why John is in trouble versus Agnes? Right?
Actually, wrong. It really has nothing to do with whether Agnes or John deserve to be in trouble or not. It is like justifying a war, it is whether bailing them out, as seen by government, is in the public interest.
We will likely spend trillions of dollars bailing out businesses, banks and some individuals. The initial $700 billion just won’t be enough. And to put that $700 billion in perspective…with that same amount of money, we could have followed Boone Pickens plan and erected enough wind power facilities to generate 20% of the US energy needs with wind power!!! Instead, we are buying BAD MORTGAGES!! Think about that. Instead of burning coal and oil, we could use wind for 20% of our energy, but we are buying bad debt instead!
But as is so often the case, we tend to think of the bullet as the root cause of the problem. We forget that a bullet gets fired from a gun, and the smoking gun is key to our understanding of the problem, the determination of the true source. There is a clear explanation of why this problem occurred. For more on the true source of the problem, click here for Part 2.
[...] is that government is not standing up and accepting the blame for the current financial crisis. Congress is just as responsible for the problems we face as any financial institution, but they blame and penalize others while they dine on Wagyu beef, [...]
[...] Such are politics. If things are going well, it is your doing. If they aren’t, pin the blame on the other side, even if the fault rests clearly on your shoulders. [...]
[...] Monday is not a day to cheer as Obama signs this into law. It is a day to hang our heads and realize what we have created is big government getting bigger at a huge expense to America. We do ponder our future and also wonder if, when the bill fails America, the Democrats will stand up and admit their folly, or will just continue to blame Ronald Reagan and George W. while running interference for such criminals as Barney Frank. [...]
[...] Mac warning of “systemic risk”. This article is Part 3 of a multi-series: Catch up on Part 1 here and Read Part 2 [...]
It is amazing that we could even imagine that the fault of everything is either Bush’s or Barnie Frank’s. It NEVER works like that. For a visible individual do do as much damage as we attribute to either one, he needs a very sophisticated group of people behind him that are benefiting of those doings. We blame Ahmadinejad and forget all those benefiting from his big mouth. We blame Khaddafi, but forget the cohorte of people benefiting from his evil doings. We blame Hitler (with all the reason for that), but then give a free pass to those who supported and benefited from his demonic doings; and I’m not talking about those that died either before or after Nuremberg.
Just a note about the Boone Picken’s Plan…what he wants is the water rights to some valuable land…has nothing to do with saving the earth…all about money baby…all about money!
[...] Deregulation, yet another huge buzz word of the campaign. The Bush Administration allowed the nation to run wild, and the result is our current economic malaise. Deregulation was the beast that rose from the depths and shook the foundation of our economy. This article is a continuation Part 2 of a multi-part series. Part 1 is here. [...]
bush and cheney sold us out…..yep, ya betcha! January 20, 2009 – END OF AN ERROR
It’s true, Barney Frank has been using MIND CONTROL to command the Treasury Department, the SEC, and all other federal and state level bank control boards and oversight authorities to do his evil bidding! You don’t actually believe George Bush allowed the deregulation of our financial system do you?
Politicians rarely get punished criminally for their blunders. In Barney’s case, his involvement with underage boys and a male prostitution ring didn’t even manage to put him in prison.
Barney is an American disgrace that keeps getting re-elected in a blindly Democratic one party state.
call me when Barney Frank gets indited
Don’t stop telling the world. George Bush is the cause of everything and terrorism against the US should stop with him.
George Bush was the key culprit in destroying our economy and America. Speak out against him!
[...] Frank has been a disaster for Massachusetts and the nation; he is almost solely responsible for the financial malaise we are in [...]