So the bailout bill passed. The US steps one closer towards socialism and the government grows one bureau larger. And the debt grow by over $1,000,000,000,000. The GDP grew by a meager .7%, and the deficit grew by 14.28%.
And this I promise you, the deficit spending and unbridled growth of governemnt is just beginning... this is not a one shot deal.
$700B in unfunded monies to go to purchase toxic mortgages. But they tell us that once the banks get healthy they will buy those loans back at a profit. Why? Those loans caused the problems, why would banks waste good capital on those turds.
Another $105 billion in rescues monies for flood victims, earmarks, buyouts, tax rebates and reductions in taxes… only $30 billion of which were funded.
On the positive side, and a giant kick in the rocks to all the Republicans that voted for the bill because of the tax breaks… you can rest assured they will be repealed in the first piece of legislature of the next congressional session. Well, all except the AMT since every congressperson is subject to that.
Now I understand that many Republicans were afraid to vote against this bill because many of the goodies thrown into the bailout bill were targeting Republican areas to get them to flip. I also don’t doubt that the Wicked Witch if the West had Steny remind the 95 Democrats who voted against it the first time that Queen Nancy would remember them when she is deciding committee assignments over the break.
But the reason I am angry is not because Congress ignored 82% of the population who was against the bill. I am angry for two reasons.
The first is that not one single leader took time to explain why the bail out was necessary to the American public. In a moment straight out of the Joe Biden playbook the Congress decided it was smarter than us… so smart in fact this issue was above our ability to understand. So instead they bought off each other in a series of payoffs and reach arounds. The comtempt they show for us is amazing… abso-freaking-lutely amazing.
The second is that not one of the 338 legislators who voted to support the bill in the House and Senate stopped to consider fixing the problems that caused the economy to lock up. The problem was not a lack of $700B dollars, the problem was not a lack of regulation (the regulators warned of this and were dismissed out of hand) the problem is the government had their hands in the affairs of private business by forcing the banks to issue these bad loans in the first place.
The problem that led to this crisis was Congress sticking their noses where it didn’t belong… and their solution is to become more involved in the problem. The solution is less interference, not greater interference.
This bailout… and make no mistake, it is not a rescue… is addressing a symptom and not the disease. It is akin to bailing out a sinking boat without patching the hole in the bottom of it; no matter how much you try the water will keep coming in until you patch the hole. Congress’ plan is to make the hole bigger so the water drains out of the boat faster.
I believe there is room for these 338 Congresspersons who put their own self-interests about that of the nations at Guantanamo. They can use part of the $700 billion dollars to buy the orange jumpsuits… maybe Sheriff Joe can donate a few pairs of pink undies for them.
$700B in unfunded monies to go to purchase toxic mortgages. But they tell us that once the banks get healthy they will buy those loans back at a profit. Why? Those loans caused the problems, why would banks waste good capital on those turds.
Another $105 billion in rescues monies for flood victims, earmarks, buyouts, tax rebates and reductions in taxes… only $30 billion of which were funded.
On the positive side, and a giant kick in the rocks to all the Republicans that voted for the bill because of the tax breaks… you can rest assured they will be repealed in the first piece of legislature of the next congressional session. Well, all except the AMT since every congressperson is subject to that.
Now I understand that many Republicans were afraid to vote against this bill because many of the goodies thrown into the bailout bill were targeting Republican areas to get them to flip. I also don’t doubt that the Wicked Witch if the West had Steny remind the 95 Democrats who voted against it the first time that Queen Nancy would remember them when she is deciding committee assignments over the break.
But the reason I am angry is not because Congress ignored 82% of the population who was against the bill. I am angry for two reasons.
The first is that not one single leader took time to explain why the bail out was necessary to the American public. In a moment straight out of the Joe Biden playbook the Congress decided it was smarter than us… so smart in fact this issue was above our ability to understand. So instead they bought off each other in a series of payoffs and reach arounds. The comtempt they show for us is amazing… abso-freaking-lutely amazing.
The second is that not one of the 338 legislators who voted to support the bill in the House and Senate stopped to consider fixing the problems that caused the economy to lock up. The problem was not a lack of $700B dollars, the problem was not a lack of regulation (the regulators warned of this and were dismissed out of hand) the problem is the government had their hands in the affairs of private business by forcing the banks to issue these bad loans in the first place.
The problem that led to this crisis was Congress sticking their noses where it didn’t belong… and their solution is to become more involved in the problem. The solution is less interference, not greater interference.
This bailout… and make no mistake, it is not a rescue… is addressing a symptom and not the disease. It is akin to bailing out a sinking boat without patching the hole in the bottom of it; no matter how much you try the water will keep coming in until you patch the hole. Congress’ plan is to make the hole bigger so the water drains out of the boat faster.
I believe there is room for these 338 Congresspersons who put their own self-interests about that of the nations at Guantanamo. They can use part of the $700 billion dollars to buy the orange jumpsuits… maybe Sheriff Joe can donate a few pairs of pink undies for them.
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