Please stop the lunacy of Secretary of Treasury Paulson with our money. It is now a month since his plea that he needs $700 billion to fix this economy or it will collapse. Well, it is now one month past and his dire message was a blatant lie.
Back in October, the purpose of his bailout was to buy up toxic mortgage assets to spur fresh lending, but one month later, that same $700 billion bailout will be used in making direct investments to the financial institutions to shoring up the consumer credit markets, which I highly doubt. So, instead of helping the consumer who are suffering, we are going to bail out the banks instead. Oh, that makes a lot of sense (sarcasm).
So, that dumbass Paulson wants to tap the funds to inject capital into banks and ailing insurer AIG. He is talking about wanting to use part of the bailout to help those who give out car loans, student loans, credit cards, and possibly help the auto industry. While being unapologetic, Paulson saying that buying those toxic mortgage would take too long and would not be sufficient to calm a turbulent markets. So, is this the better alternative?
Let's breakdown this $700 billion bailout plan. The Treasury has allocated $250 billion of the bailout funds to inject capital into banks and it has pledged another $40 billion to shore up AIG, leaving just $60 billion to dole out before it would have to ask Congress to release the final $350 billion. If this anger you, guess what the Democrat Majority has done in the past year?
Congress increased total federal spending by 11 percent to nearly $3 trillion. Recently, they enacted $333 billion in "emergency" spending and enacted $105 billion in tax rebates. I cannot believe the Democrat Congress and the Moderate Republican handcuffed the President to push the budget deficit to $455 billion in the name of "stimulus."
So far, these wasteful spending did not increase
economic growth. Now, in addition to passing a $700 billion financial bailout package, lawmakers have decided to double down on these failed spending policies by proposing a $300 billion economic stimulus bill. I guess Congress seem to have convinced themselves that the next $300 billion will succeed. I was told that the total spending from Congress will amount to $4 trillion and that is 25% of our GDP. To make a comparison, the US spent 4% of our GDP in the military to keep us safe.
If you don't feel my rage and pissed off, you are an idiot. Make your voice heard and don't let these elected idiots waste our hard earn money on an idea that won't work.