Monday, September 22, 2008

The Bailout

That is what it probably will be called in the future, The Bailout. Or the final Congressional act that caused the US Repbulic to turn into a tyranny. There is still time to stop this madness.

A blank check in the sum of $700billion to the Secretary of the Treasury is not the way to solve the current financial market meltdown. Paulson needs some oversight from Congress and firm guidelines least the $700billion just vanish into propping up Wall Street for a few more years.

A quick fix is not a cure-all. Neither is what the Democrats are doing is a cure-all. Congress, under Rep. Barney Frank[D-MA] tutelage, is sitting on the bill to give it due deliberation. This is the same crew that ram-roded in 24 hours a phony energy bill last week. What this due deliberation is actually doing is giving Democrats, Republicans, and their buddies time to hang personal earmarks on this Christmas tree. These swine are betting that no matter how bloated this bill becomes, President Bush will still sign it.

So for all the wrong reasons, this Congress may save the Republic as President Bush vetoes this bailout. Still lets vote the bums out this November, make them work for once in their lives.


AndyJ said...

"Paulson needs some oversight from congress" Are you sure that you really mean this?? After all, who was it that got us into this mess in the first place?

Anna said...

AndyJ, Paulson wants $700billion of our money and in the bailout it spells out the Secretary's decisions can not be overturned by Congress or the President. That is a blank check. And Paulson and Berneke could not assure Congress that all they need is $700billion.

So I want people looking over Paulson's shoulder if this horrible piece of 'doing something' gets passed to perhaps limit other destruction.

AndyJ said...

Yes, someone looking over his shoulder, but PLEASE, not congress. I read somewhere that San Fran Nan already tried to sneak an extension to the off-shore drilling onto this appropriation. And if I read the bailout correctly, however he makes his decision to dole out the money, there is no recourse by ANYONE, his decision is law.

Ed Rasimus said...

The key to oversight (and you must have oversight if that much federal money is involved) is PROFESSIONAL EXPERTISE.

That simple phrase excludes Congress. They, in large measure, are clueless about economic issues, the free market, capitalism, case/effect relationships, or profit/loss.

The only thing that Congress does is pander to the electorate with bread and circuses to get re-elected.

Let us also keep in mind that this "Bailout" is purchasing something. Capital (which is the collateral for the mortgages) is indestructible just like energy. It will, like the twit says in the gold investment commercials, "never be worth zero."

The return on this investment might be very surprising--it was in the Chrysler bailout and it was in the RTC investment.

For now, the key to the bill having any positive results is to end the posturing of the demogogues and keep it as simple as possible.

Anna said...

Okay, I read you Lima Charlie. Lets keep the political hacks away from the free market.

WAMU has folded. And so far no deal. Reports are out there Pelosi and Reid let Obama run the Dem show in the White House. Meanwhile there was a pared down 'deal' where Pauslson gets only $350mil and would have to come back to ask for more. But it seems that has died as Republicans countered with the government offering the bad loan holders insurance, but not buy the things.

What will happen today? Will Obama be left at Ole Miss? Will it be the Barry and his Amazing Teleprompter show? Or will intense pressure bring something America can live with forward? And McCain can then hammer Obama from a strong position that Obama ceded with 'they can phone me' comment?