Thursday, December 04, 2008
The ‘bailout’ is another Bush/GOP scam, a big black hole into which some 1.5 trillion dollars has already has been sucked! The dollar will eventually collapse as did German Marks under the Weimar Republic. Only the big banks benefit but they, too, will collapse. There is no bailout for the ‘buck’. The emerging picture is one of fat cats scrambling to cover bare asses while putting the screws to you. This sucks!
Already $billions$ have been squandered, wasted, or simply stolen. Where is the accounting? Where has the money gone? Where is the loans that were supposed to have been made to folks hoping to own a home? How has the bailout benefited Americans in any way whatsoever? I’m open to any credible GOP explanation! I won’t get one! Rather, I had expected Bush to tell Paulson: “You’re doing a heckuva job!” The scary part is this: perhaps both Henry Paulson and Brownie have done precisely what Bush had intended. Like New Orleans earlier, the US economy is in ruins. Like New Orleans, there is no restoration in sight. There is, however, evidence that it was all planned.
WASHINGTON – The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.
“Expect fallout, expect foreclosures, expect horror stories,” California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job.
Bowing to aggressive lobbying — along with assurances from banks that the troubled mortgages were OK — regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way.–Bush administration ignored clear warnings
The dollar has entered a ‘death cycle’. A state of ‘hyperinflation’ has, perhaps, already been reached. Certainly, fewer people want bucks. This collapse may even be overdue. Since the GOP cut Faustian bargains with China, it was China that propped up the dollar because they wished to sell –via Wal-Mart –all its cheap knock-offs. Typically, ‘hyperinflation’ is often the aftermath of war and other social upheavals. In this case specifically, Bush’s war of naked aggression against a nation which had never, ever, in any way posed a threat to the United States, is certainly among the root causes of the current collapse.
Were we supposed to believe this bailout of billions, perhaps trillions eventually would ‘trickle down’?
The original proposal was three pages, as submitted to the United States House of Representatives. The purpose of the plan was to purchase bad assets, reduce uncertainty regarding the worth of the remaining assets, and restore confidence in the credit markets. The text of the proposed law was expanded to 110 pages and was put forward as an amendment to H.R. 3997. The amendment was rejected via a vote of the House of Representatives on September 29, 2008, by a margin of 228-205.
On October 1, 2008, the Senate debated and voted on an amendment to H.R. 1424, which substituted a newly revised version of the Emergency Economic Stabilization Act of 2008 for the language of H.R. 1424. The Senate accepted the amendment and passed the entire amended bill by a vote of 74-25. Additional unrelated provisions added an estimated $150 billion to the cost of the package and increased the size of the bill to 451 pages. See Public Law 110-343 for details on the added provisions.
The amended version of H.R. 1424 was sent to the House for consideration, and on October 3, the House voted 263-171 to enact the bill into law. President Bush signed the bill into law within hours of its enactment, creating a $700 billion Troubled Assets Relief Program to purchase failing bank assets.
Supporters of the bailout plan argued that the market intervention called for by the plan was vital to prevent further erosion of confidence in the US credit markets and that failure to act could lead to an economic depression.
At the end of this ‘crisis’, the rich elites will be even richer than they already are. This is Bush’s last ‘fuck you’ to the American people.