Two things that NEED TO BE POINTED OUT about this bailout:
Okay, there are A LOT of questions about why on earth the treasury wants to give 700 BILLION dollars out by next week. (Just to note, we already have a 9 TRILLION dollars national deficit while Iraq has a 71 billion dollar budget surplus.) But there are two REALLY REALLY disturbing ones that I want explained.
First, WHY 700 BILLION DOLLARS? Is the emergency so dire that we need to throw 700 BILLION DOLLARS at it by next week? I mean, I know rent is due on the first and all but does this problem (which hasn’t been identified or a solution other than ‘throw money at it’ been offered) have such a limited time constraint that we need to give out 700 BILLION DOLLARS of AMERICAN TAXPAYER’S MONEY to fix it? Why can’t we start at something like 70 billion? 100 billion? Is there a payment plan? Financing? Lease options? Lay away? Do we really need to give out 700 BILLION DOLLARS by Monday? Is Dr Evil the Secretary of the Treasury? Did he write this proposal?
But even more troubling is this: the bailout will not just be for failing institutions on Wall Street. ANY financial firm on Wall Street that wants a piece can have some, even SUCCESSFUL banks and investment houses! Oh and lest I forget, ANY FOREIGN BANK CAN APPLY AS WELL!
Don’t believe me? That came straight from White House Deputy Press Secretary Tony Fratto. His quote:
“With respect to executive pay, again, I’m not going to get into specific, point-by-point details on what our views are on that, other than the Secretary of Treasury said it would make more difficult to make this plan work and effective if you provide disincentives for companies and firms out there who are holding mortgage-backed securities and other securities from participating in the program. You have to remember, these are not all weak or troubled firms that own mortgage-backed securities. A lot of them are very successful banks and investment houses that have done very well, have been responsible, are holding performing assets that have value. They were not necessarily irresponsible players, and so you have to be careful about how you deal with them.”
THAT IS YOUR PLAN????? LET CEO’S FROM SUCCESSFUL FIRMS TAKE 700 BILLION DOLLARS IN PLAY MONEY AND HOPE THEY WILL DO THE RIGHT THING??????? WORKED OUT REAL WELL WITH ENRON AND FRIENDS, DIDN’T IT!!!!!!! ARE YOUR PEOPLE HIGH???????????? WHAT THE FUCK IS WRONG WITH OUR GOVERNMENT?????????????????