Posted by
James Burns on Saturday, September 27, 2008 3:33:40 PM
So let me ask and the reader judge. Is the Bailout to Nowhere a real bailout to help the American economy or is it a tool to get Obama elected?
From as far back as 2005 and maybe farther many in congress, including John McCain, stated that Fannie and Freddie needed to be reigned in. A bill, co sponsored by John McCain, was brought forth to senate in 2005 in front of the banking committee to change Fannie and Freddie. At the time the republicans were in control of congress. So that bill went no where, with democrats saying it was not needed. Now that same committee is in charge of this bailout. The difference is the democrats are in control of both houses of congress. Funny thing about the banking committee is a lot of the faces are the same as in 2005. See my post "More Of The Blame Game."
Over the next three years, the economy as slowly gone down hill. Real estate sales declining, job loss climbing, foreclosures sky rocketing. So what does are government say both the administration and congress? There is no recession, the economy is strong, and its just a market correction. So after much pressure from the American public, congress and the administration come up with the economic stimulus plain. Basically throw 50 billion at the 800 lb gorilla in the room and it will go away. What did this do, it pissed off the 800 lb gorilla.
First comes Bear/Stearns, the government bails them out. Next over this past summer the feds decide to bail out Fannie and Freddie, to try and fix the economy. Next we have Leamann Bros. feds say no. Then finally AIG, this is what stops the feds in their tracks. Oh my gosh what is happening. After the first bailouts they thought problem solved things will go back to normal. But instead the 800 lb gorilla is still there. The real problem of the Working Class struggling to make mortgage payments and many failing to, cause all this bad debt on Wall Street. So here we are today with congress working overtime to throw more money at the 800 lb gorilla.
So now what? You see on the news that senators and congressional leaders keep coming out to say "we have a deal", "we're close to a deal" every hour or so. But here is the catch. Congress being democratically controlled can pass anything they want without republican input. But in an election year, when they, the democrats want the White House, wouldn't look so good. So "in a feeling of bi-partisanship" they want a plan that all parties can agree to. This so called bi-partisanship is a bunch of hoopla. See if the dems pushed something through and the public went crazy to what was in it, no win for Obama, and there would be linchings in Washington. The face of congress would change next congressional election year really quick. But if all parties agree, dems and republicans, then the dems can say we are the party of change, and Obama get elected, and ACORN ends up with over 100 million dollars of our, the taxpayer's, profit from the bailout compliments of Sen Chris Dodd, and Barack Obama.
Then ACORN can go and register non existent, dead, teenage or convicted felon voters for the dems. Also they could continue in their sub prime mortgage lending to low income, unqualified by any standard loan standard people, and sell those bad loans back to Fannie and Freddie, Then we can get back to were we started. Great just what I want. Hence the name Bailout To No Where.
So you see the dem's have a master plan with this Bailout To No Where. Get Obama elected at all costs. No matter what it costs us the Working Class taxpayer.
Just a side note Rausmussen polls show that over 50% of the American pblic is against the bailout.