Wall Street got its long awaited bailout after the Senate and Congress approved a revised package that not only includes the asked for $700 billion......but had to be sweetened with $150 billion in earmarks and pork barrel spending for such nonsense as tax breaks on wooden arrows produced for use by children. I mean, really. Now we're looking at a much fattened $850 billion addition to the federal debt on the backs of American taxpayers that was the result of those much favored Congressional "earmarks", or pork barrel spending for pet projects in Congressional districts so that our Representatives can say that they brought home the bacon to their people. This just shows how totally desperate members of Congress are, as all 435 of them are up for re-election this fall and they want to be able to tell their voters that they funded stupid pet projects that will cost taxpayers far more money in the end. I doubt that this so-called "bailout" will do much of anything for homeowners facing foreclosure. I doubt that it will increase federal oversight of banks and lenders. I doubt that it will regulate predatory lending the way it needs to be dealt with. All it will do is to balloon the federal deficit to the point where generations after us will still be paying for this boondoggle of a bill. And anyway, economists have already said that it won't work in the long run and that it will plunge the economy into even greater crisis by increasing the federal deficit. We can't keep borrowing more and more money from China and Saudi Arabia without continuing to devalue the dollar to the point where it has become no better than a Third World currency.
And now we've got this $150 billion in pork barrel spending that had to be added to this egregious bill just to get Congress to pass it. Leave it to Washington to throw money around like it's growing on trees, regardless of what it's going to mean to average taxpayers like you and me. No, they couldn't just bide their time and try to construct a more sensible solution to this Wall Street fiasco that is the result of too many years of lax regulations of lenders and lending institutions. Oh, no. They listened to the cries of "Chicken Little" Bush who was running around screaming that the sky was falling (where have we heard that before?) and that if something wasn't done right here, right now, today, why, the world would end, the sky would fall and life as we knew it would be over. Piffle! That man has zero credibility left and I am quite sure that months or years from now, we're going to find out another smoking gun regarding this whole affair that was yet another series of lies and untruths from him and his cronies. If any good has come from this whole ugly affair, it's that Obama has opened up a lead in the Presidential race as a result of it all. But what amazes me is that Mr. "no pork barrel spending" McCain voted for this bill despite its fat $150 billion giveaway in pure pork. Unfortunately, Obama also voted for it, so he can't use the "no earmarks" thing against McCain since they both voted in favor of it. If I were Obama, I would have said "no" to this thing with the addition of the pork barrel sweetener. Of course, that would have been used as a weapon against Obama by the McCain campaign, so I guess he decided to strategically vote for it so as not to cause any finger-pointing by his opponent since the Bush administration has been so busy running around acting like the end of the world was at hand if this bill didn't pass.So, America, now we're really in a pickle. Where are we going to cough up $850 billion to bail out a bunch of Wall Street tycoons who refused to play by the rules? Naturally, from you, from me, from all of us who pay our bills on time and try to save a few pennies each month. Thanks, Uncle Sam, for saddling each and every one of us with this additional debt. As if we can really afford it.......there must have been a better way to deal with this. But sadly, now we won't find out because Washington wanted to hand a free gift to Wall Street and to their favorite pork barrel spending projects, and as usual, hang the rest of us out to dry. Well, this November, you can retaliate by throwing the bums out. Of course, all that's going to do is to bring in a new set of bums. Washington has a funny way of corrupting people, sadly. Even those with the best of intentions.
Wall Street got its long awaited bailout after the Senate and Congress approved a revised package that not only includes the asked for $700 billion......but had to be sweetened with $150 billion in earmarks and pork barrel spending for such nonsense as tax breaks on wooden arrows produced for use by children. I mean, really. Now we're looking at a much fattened $850 billion addition to the federal debt on the backs of American taxpayers that was the result of those much favored Congressional "earmarks", or pork barrel spending for pet projects in Congressional districts so that our Representatives can say that they brought home the bacon to their people. This just shows how totally desperate members of Congress are, as all 435 of them are up for re-election this fall and they want to be able to tell their voters that they funded stupid pet projects that will cost taxpayers far more money in the end. I doubt that this so-called "bailout" will do much of anything for homeowners facing foreclosure. I doubt that it will increase federal oversight of banks and lenders. I doubt that it will regulate predatory lending the way it needs to be dealt with. All it will do is to balloon the federal deficit to the point where generations after us will still be paying for this boondoggle of a bill. And anyway, economists have already said that it won't work in the long run and that it will plunge the economy into even greater crisis by increasing the federal deficit. We can't keep borrowing more and more money from China and Saudi Arabia without continuing to devalue the dollar to the point where it has become no better than a Third World currency. 
And now we've got this $150 billion in pork barrel spending that had to be added to this egregious bill just to get Congress to pass it. Leave it to Washington to throw money around like it's growing on trees, regardless of what it's going to mean to average taxpayers like you and me. No, they couldn't just bide their time and try to construct a more sensible solution to this Wall Street fiasco that is the result of too many years of lax regulations of lenders and lending institutions. Oh, no. They listened to the cries of "Chicken Little" Bush who was running around screaming that the sky was falling (where have we heard that before?) and that if something wasn't done right here, right now, today, why, the world would end, the sky would fall and life as we knew it would be over. Piffle! That man has zero credibility left and I am quite sure that months or years from now, we're going to find out another smoking gun regarding this whole affair that was yet another series of lies and untruths from him and his cronies. If any good has come from this whole ugly affair, it's that Obama has opened up a lead in the Presidential race as a result of it all. But what amazes me is that Mr. "no pork barrel spending" McCain voted for this bill despite its fat $150 billion giveaway in pure pork. Unfortunately, Obama also voted for it, so he can't use the "no earmarks" thing against McCain since they both voted in favor of it. If I were Obama, I would have said "no" to this thing with the addition of the pork barrel sweetener. Of course, that would have been used as a weapon against Obama by the McCain campaign, so I guess he decided to strategically vote for it so as not to cause any finger-pointing by his opponent since the Bush administration has been so busy running around acting like the end of the world was at hand if this bill didn't pass.So, America, now we're really in a pickle. Where are we going to cough up $850 billion to bail out a bunch of Wall Street tycoons who refused to play by the rules? Naturally, from you, from me, from all of us who pay our bills on time and try to save a few pennies each month. Thanks, Uncle Sam, for saddling each and every one of us with this additional debt. As if we can really afford it.......there must have been a better way to deal with this. But sadly, now we won't find out because Washington wanted to hand a free gift to Wall Street and to their favorite pork barrel spending projects, and as usual, hang the rest of us out to dry. Well, this November, you can retaliate by throwing the bums out. Of course, all that's going to do is to bring in a new set of bums. Washington has a funny way of corrupting people, sadly. Even those with the best of intentions.
1 comment:
save the trees men
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