CNN: GOP senator says bailout wrong
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If only we could clone Senator DeMint. I’d settle for one more for right now, but 99 more would be great.
You are absolutely right. The mess actually started more than 30 years ago with Fernand St. Germaine establishing $100k guaranteed bank accounts. FNMA/FHLMC of course were disastrous. There was a private mortgage-backed security market at the time that the government eliminated for low-balance loans. Return to pre-FNMA/FHLMC housing transactions.
Please do not bail out the people that are not paying their mortgages.
Senator DeMint,
You are what America needs…a principled, unbiased, unbought Senator. I beg you to please stick to your guns and shine the light on the real problem which is greed and the unregulated “shadow banking system”. This bailout will reward the villians and further punish taxpayers who were not participants in this scam. It will effectively bankrupt our county. The plan does not limit the bailout to $700 billion, it only limits it to $700 billion at any given time on the books of the Treasury, with no congressional oversight, no possibility of legal review and amounts to a dictatorship not democracy because the Federal Reserve and Treasurer are not elected officials. This is taxation without representative and is unconstitutional. The Executive branch through the Fed Reserve and The Treasurer is making an enormous power grab and neutralizing our Congress and Judicial branch in the process.
The real problem is the credit default swaps, which are just bets made by unregulated institutions…worthless pieces of paper basically. These unregulated OTC derivatives were allowed to double over the last 12 months to $63 Trillion, all the while the treasury and the fed knew these to be a problem based on reports to Congress. I believe it was allowed to double because the orchestrators believed the election year politics would force incumbents to vote for a bailout and the taxpayer would be held holding the bag of toxic worthless paper while the Wallstreet CEOS’ and hedge fund managers would walk away fat, happy, and wealthier beyond their wildest dreams.
The taxpayer is being told via Wallstreet Journal, NY Times to forget about retiring, forget about entitlements like social security, medicare, healthcare, infrastructure, etc. because we must bailout Wallstreet geniuses…it is not only outrageous but immoral…I urge you to please vote no…the taxpayer has been hurting for 10 years it just was not recognized by statistics presented by the Federal Reserve and the stock market. We have seen our wages slashed, our jobs outsourced, our savings depleted through inflation. I say we have already suffered the effects of this risky behavior but now that wallstreet is about to suffer along with the taxpayer, they need a bailout…not no, but hell no!
Please keep up the good work and vote no on this bailout!