Wednesday, October 1, 2008
U.S. SENATE, MCCAIN, OBAMA SELL OUT!
Shame on the U.S.Senate and our presidential candidates for voting for the Wall Street bail out bill. Shame on them for adding $150 Billion to the $700 Billion for "pork barrel" projects. Those being foreclosed will be giving money to the very banks that caused the foreclosures. The bill that was passed is the same one rejected by the House; the difference being "sweeteners" aimed at buying off congressman.
While a registered Republican who voted for Bush, I will still vote for Obama since McCain and his "Joe six pack" (more on that later) running mate are not a viable option, I am deeply bothered that Obama did not have the 'profile in courage' to stand up to the monied interests of Wall Street. There is basically nothing in this bill that will end the current credit crunch that is choking both small and large companies. Even AT&T cannot get more than an overnight loan. The nation 's leading economists, while somewhat divided, oppose the Bail Bill. The former head of the FDIC opposes the bill. The minority head of the Senate Banking Committee opposes this bill. None of these people were asked to help formulate its provisions.
How can the Senate approve such an expensive piece of legislation without even a hearing and without consultation of experts that are not on the President's payroll? Does the fall of Rome come to mind? At one tine the Roman Senate was the keeper of the Republic. It decayed into corruption, in-fighting and special interests and as a result Rome under the thumb of ruthless and incompetent emperor's. Rome fell from within. The barbarians were only icing on the already rotten cake.
And now, the U.S. Senate, once one of the most admired institutions in the world, has fallen to the will of special interests and a president gone rabid. Did I mention Rome? While tax breaks for wooden arrows, mental health insurance, tax breaks for alternative energy and other issues may have merit, do they belong in a bill that the Bush said if it did not pass our economy would become toxic? The 'candy factory,' the American taxpayer, is running out of sweetener. We are running out of money. Many experts have offered many alternatives to this corporate giveaway. To say there is no time to talk and explore alternatives is just a ruse. Politicians know that if there is any serious discussion, the sham being fostered on Americans would be exposed for what it is; a plan that will truly lead us to economic ruin. Did I mention Rome? Surely, there are stop gap measures that could be taken to shore up the economy while a serious discussion occurs. Even now, the FDIC, working with the President and Treasury, have the power to insure "all" of the assets and deposits held by banks. Certainly short term and lower cost alternatives exist that would allow intelligent discussion. The 'toxic' debt is not going anywhere, they will still be around in a few months while proper debate is taking place. Certainly, there are less costly actions that can be taken to give American citizens confidence that their money is safe.
The burden now falls to the House. Will they have the courage and fortitude to put the skids on this bill that leads to nowhere? Will intelligence and reason win out ou will the Age of Reason officially come to an end? Did I mention Rome?