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Thursday, September 25, 2008

Just say no to a 700 Billion-Bail Out we need Real Reform

This 700 billion bailout is not the right course of action, the White House is wrong and John McCain and the democrats are again on the wrong side. Bailing out corporations that have failed with taxpayers money is the wrong steps to be taking when fixing this problem. Rushing bills through congress without taking the time to analyze the situation is not the right course of action. The White House putting together a 3-page fix with no thought just to save their ass is not the right course of action. Why is it that we have to pass this bill so quickly? Has the White House Given the American taxpayers all the information, not even close! This Crisis has been long time coming with everybody in Washington not caring enough to make the changes needed, these folks have buried there heads in the sand for so long. There have only been a few who have spoken up over the years, with the rest of them saying things like this:

Statements in 2003
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

Charles Schumer
The extension is of the maximum income to qualify for this program, from 100% of the region's area median income to 165%. Mr. Schumer's press release on the matter states that "Raising the eligible income level slightly means a substantial number of struggling, hard-working families previously ineligible but no less deserving, will be able to get help in buying homes." This is the "buy-them-off" approach that Mr. Schumer also favors with respect to college tuition aid, expanding subsidies once reserved to the poor straight through to the middle class.
I can’t help but wonder where their heads were when pushing for programs that weren’t good for Wall Street.
WASHINGTON, July 22, 2008 -- U.S. Treasury Secretary Henry Paulson said Tuesday that the U.S. banking system is sound and the long-term fundamentals of economy are strong.
"I believe that the United States is on the right path to resolving market disruptions and building a stronger financial system," said Paulson in a speech delivered at the New York Public Library.

How can we as Americans believe anything these folks say regarding the bail out even better how can we trust them to make the right decision when so many times before there decisions were not in the best interest of the Americans.

1 comment:

Anonymous said...


Why should my hard earned money go toward a CEOs retirement?

Define "execessive executive compensation" would 50mm be excessive, 40mm, 10mm?

I had to close my business down due to the economy,, I want my executive compensation too!!!

Why is executive compensation even being discussed?