Bi-Partisan Sponsored Communism
Posted by Kelsey Golden on Saturday, September 20th, 2008 at 1:28 pm
Bush Requests $700 Billion for Bailout
posted:19 MINUTES AGOcomments: 47
filed under: National News, Political News
AP
In the largest financial intervention since the Great Depression, the Bush administration seeks wide-ranging powers to purchase bad mortgages and take over failing banks. Democrats insist the plan address the needs of homeowners facing foreclosure. Officials hope to finalize a plan by Monday morning, and pass it by week’s end.
You heard that right folks, $700 Billion Dollars of Your money is about to pay for the faulty business decisions of banking CEOs who will still collect huge salaries and will not go to jail. Your tax dollars may also go towards owners of foreclosed homes, who took out loans that they couldn’t afford to pay back. The lesson here is, if you screw up enough, instead of having to suffer the consequences, the government will bail you out using other people’s money.
President Bush and Congressional leaders are taking one more step toward nationalizing the banking system. What they should be doing is re-enacting the Glass-Steagle Act of 1933 which was repealed in 1999 when President Clinton signed the Gramm-Leach-Bliley Act (GLBA) into law. While the FDIC Insurance for bank accounts provision of Glass-Steagle was preserved by GLBA, what was not preserved and specifically repealed was the prohibition which kept a single bank from offering investment, commercial banking, and insurance services under the same corporate umbrella.
GLBA essentially wore away the reforms and the regulation that was designed to PREVENT the conflicts of interest and corruption that caused the banking collapses which sparked the Great Depression. It was the wrong kind of deregulation and it is the reason we’re in this pickle today.
For the record, 90 Senators voted “for” GLBA and among them was Senator Joe Biden who is now running for Vice President under the guise that “Republicans” are completely to blame for this mess. Unfortunately, John McCain was not present at the time the act was passed and thus, did not cast a vote. I’ll bet he’s wishing he did now though. I’m wishing he was opposing this recent bailout instead of calling it an “unfortunate but necessary step.” While Communism is “unfortunate,” it is never “necessary.”
If you are against your tax dollars being used to nationalize industries, please do not hesitate to let your congressman know. If your congressman votes for this bailout or votes “present,” consider writing in “present” on your ballot this November. I’m really torn right now but I just might be doing voting “present” instead of voting for John McCain this year if he doesn’t come out more strongly against this and future bailouts.
(3 Ratings)
Filed Under: = BREAKING NEWS =, News & Politics
September 20th, 2008 at 1:59 pm
Maybe I can sneak in a secret rider bill so the government will pay for my medical costs and other bills.
More reason NOT to pay taxes!
September 20th, 2008 at 2:10 pm
Believe me, I use every loophole I can find.