« McCain/Palin Could Win this Election by Exposing the Trillion Dollar Scam | 'Burning Down The House' »
September 28, 2008
The Bailout Plan as of Sunday Morning
Nancy Pelosi has a draft financial rescue plan this Sunday morning, according to Fox News . It's scarier than anything else you'll see this Halloween season.
Here is one statement from that plan:
If the government loses money, the financial industry will pay back the taxpayers.
Only one of two things can happen here. If the government loses money because the financial industry goes broke, then there is no financial industry to pay us back. If the financial industry does not go broke, it means those companies that ran their firms well will bail out the government who bailed out the companies that did not run their firms well. If we think the financial industry can stay that healthy, then what are we doing this for?
Here's another scary line.
Allows the government to purchase troubled assets from pension plans, local governments, and small banks that serve low- and middle-income families.
Do you know how many pension plans are in trouble? Only about all of them. This little clause now tells every city mayor to go for broke. It's olley-olley-ox-in-free for them. They no longer have to worry about their police pensions and firemen's pensions when writing their local budgets, because Uncle Sam's got them covered. But it's not only pension plans, but all "troubled assets". This thing is a blank check for government to acquire every asset in the United States. (Except the untroubled ones, of course.)
Those are the things in the plan. What's not in the plan? Anything to do with any rule or regulation that got us here in the first place. No changes in HUD rules. No changes in lending rules. If the Democrats think the Gramm-Leach-what's-his-name bill caused all this, not a word of reforming it is in this plan. What is in the plan regarding reform?
A strong oversight board appointed by bipartisan leaders of Congress.
That's comforting. More oversight by Congress. So they won't change any of the rules and regulations that got us here, but they will add more layers of bureaucracy. Not to mention, Congress already had oversight of everything about this from the git-go. In fact, that was the problem.
I had been on the fence about this whole bailout thing, leaning slightly against. Now I'm dead set against it. I'm not sure there is a crisis. But even if there is, I cannot imagine it could be worse than the effects of this kind of plan to fix it.
The only thing we have to fear is Congress itself.
To comment on this or any other American Thinker article or blog, you must be a subscriber to our ad-free service. Login to your subscription to access the comments section. You can subscribe on a monthly basis for $6.79 a month or for a year at $69.99
Login
Subscribe / Change PwdAd Free / Commenting Login
FOLLOW US ON
Recent Articles
- No, Trump Does Not Have to Abide by a Mythical 'Judicial Supremacy'
- Rush Was Right About Illegal Immigration
- The President's Trap
- Theories of Knowledge and the Media
- Tucker Carlson Needs Help
- Gaza Gaza Gaza
- Is Stargate a Gateway to the Digital Gulag?
- After USAID, America Will Never Be the Same
- The Debt Ceiling: Trump's Next Target?
- Trump FTC Must Stop Biden’s Prescription Drug Madness
Blog Posts
- Finding value that others ignore is Donald Trump’s superpower
- Ronald Reagan Washington National Airport: Where Convenience Trumps Safety
- City council of Worcester, MA votes to become an LGBTQ++ ‘sanctuary city’
- ‘Green’ politician vying for Germany’s chancellorship makes a ridiculous spectacle trying to christen a new ship with ‘safe’ contraption
- How much power does Elon Musk have?
- When it takes 12 days to get your mail...
- Are the Gazans tired of winning yet?
- Melting down over DOGE
- Massive fraud is exposed by Musk and Trump and the left is furiously melting down! Does this not reveal their consciousness of guilt?
- Our Conservative Climate Caucus
- Will POTUS be happy with SCOTUS?
- Why do we treat murdering a pregnant woman differently from abortion?
- Learning about Abe
- Liz Cheney’s never-ending farewell tour: now featuring JD Vance
- Does President Trump have to come over there to Los Angeles, again?