Can you imagine that Bush now thinks we are stupid? Have you ever tried to get a loan from a bank to do ANYTHING? These people ask for everything except a DNA test to prove your ability to pay back and to hold as security in case you were to default.
But get this, Bush plans to buy out troubled financial institutions with $700 billion of our money (yours and mine) on enormous faith in his administration's stewardship. The only requirement is a semi-annual report to Congress that grants the Treasury Secretary unprecedented power to buy and resell mortgage debt and hire "outside firms", more pork barrel earmarks, to help manage its purchases with no oversight mechanism.
Can you imagine that Congress is supposed to sign off on this massive bail out with ONLY 3-PAGES of vague supporting documentation? This Act of Congress would be non-reviewable, including by any court of law, by any administrative agency and committed to agency discretion.
No oversight, no oversight mechanism - haven't we suffered enough at the hands of this administration, now this political, man-made economic crisis that needs $700B of our money? To elect McCain-Palin is now adding insult to injury after billions of dollars have already been squandered on Iraq Reconstruction. Here are just a few:
$142 million wasted on projects canceled or terminated - July 28, 2008 (Special Inspector General for Iraq).
$180 million paid to Bechtel for projects that were never completed - July 25, 2007 (Federal Audit).
$5.1 billion for reconstruction charged without documentation - March 19, 2007 (Special Inspector General for Iraq Reconstruction report).
There's more waste on Katrina in 2006 and 2007 and up to this date, 75% of evacuees want to come home but they don't have a place to call home. When will these victims have access to the money that the Federal government doled out to FEMA?
Earmarks, pork barrel spending, call them what you will but can we trust Bush-McCain to do what's in our interest when they never have? How much evidence do you want to the contrary?
George W. Bush could go down in history as the President of Pork.
1 comment:
We cannot bailout the banks and leave the everyday person who has been fraudulently victimised by the banks to hold the bag for their fraud. Let them fail... new banks will take over or someone will buy them out and win later. We the taxpayer should not save them!
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