Bailouts? Beware the fearmongers!
Just a quick post regarding the nearly 1 TRILLION dollar bailout package of taxpayer money/debt that’s about to be handed out to companies that have already grossly mismanaged funds…
The affected companies have some of the world’s best financial analysts at their disposal. You can be sure that they saw this coming several years in advance. Everything that’s happening now has been well choreographed. Every word of legislation was written a long time ago.
The bottom line is this: Anytime that there’s a closed meeting intended to scare the pants off of our US senators, someone somewhere is about to score big.
We’re being told by Fox News that the Congress has just ONE DAY to act before our economy goes into total meltdown. Rushed, scared people make mistakes… BIG mistakes. Let’s not forget the Patriot Act.
I don’t doubt that we’re in a financial crisis. However, this crisis was engineered. Corporations manipulated Congress into performing less and less oversight. They then used the opportunity to engage in predatory lending practices, the bundling of junk securities and completely over-the-top speculating. And NOW they want regulation? Don’t believe it for a minute.
Meanwhile, the Bush Administration, whose members are deeply involved in corporate machinations, massively overspent on a war of choice, making us indebted to the Chinese, who bought our bonds. They got their own companies hired to (mis)manage the needs of our military and contractors, while “losing” billions of dollars in the process. They kept open a loophole that allows foreign subsidiaries of US-owned companies like Halliburton to put off paying taxes for years at a time. And in the midst of all this, they created and fought to maintain tax cuts for the wealthiest Americans.
You don’t need to know anything about economics to have seen that we were heading for a meltdown. We’re being played.
Now it’s coming out that the legislation under consideration (LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS) will give Treasury Secretary Paulson nearly limitless power to use the money, without any oversight whatsoever. (In particular, see Section 5.) There’s even a clause which seems to allow for the funds to be used to bail out FOREIGN companies.
Good God, people! Just because Chicken Little says the sky is falling doesn’t mean that our Congress should rubber stamp sweeping legislation without first having a robust debate. Please contact your Senators and Representatives and demand that they look at this thing long and hard before spending YOUR money!!!
Get the phone number and tips for your call here… or just dial (202)224-3121 and ask for your Senator’s office. And thank you very much in advance!