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Non-partisan unity and The Mother of All Bailouts By: Jimmy James  |
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 At a time when political parties are more divided than ever, who would expect to find unity in Washington, and who would expect that the unity is actually coming down on the side of protecting the American people.
Although I still don’t believe it, the facts are in and the facts state that Conservative and Liberals alike are really opposed to this huge bailout being debated in Washington. Although conventional wisdom is saying that the bailout is going to happen, the recent opposition unity from Conservatives and Liberals is suggesting that perhaps the bailout won’t be anywhere near as criminal as first suggested by President Bush and Treasury Secretary Paulson.
It seems that both political parties are having trouble swallowing the idea of handing 700 Billion in tax payer dollars over to Wall St. in a move that no one can say for sure will even work to prevent the collapse of the US economy.
There are a lot of problems with the bailout but here are some of the biggest sticking points: No one likes the language in which Secretary Paulson has virtually unlimited authority to decide how the money gets spent and who it gets spent with. Even more, a close examination of the language used in the three page proposal drafted by Bush and Paulson, suggest that the Secretary could dabble in much more than the mortgage industry. In fact a close examination of the document shows how Paulson could buy anything he wants with the money, paying what ever he would like, and without any of it coming under review by anyone at anytime.
Another big problem with the bailout is that it comes from the Bush Administration which has no credibility with either political party or the American people. Quite honestly when President Bush stands up and says action must be taken quickly, no one believes him. He said we had to move quickly on the Patriot Act which shelved civil liberties. He said we needed to act quickly with Iraq, which created the biggest blunders in our countries history. So now he says we need to act quickly when it comes to the Wall St. bailout.
Since everything Bush has ever said was wrong, thank God neither party is signing on to take his word on this one. The really sad thing is that eventually there will be a Wall St. bailout that will go through which is the height of all absurdity. Say it out loud, “We’re going to give Wall St. 700 Billion Dollars.”
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