Administration Is Seeking $700 Billion for Wall Street Bailout
The Bush administration on Saturday formally proposed to Congress what could become the largest financial bailout in United States history, requesting virtually unfettered authority for the Treasury to buy up to $700 billion in mortgage-related assets from financial institutions based in the United States.
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Well that comes to roughly $2272 dollars for every man, woman and child on estimates that there are roughly 308 millions U.S. citizens currently.
Frankly I don't see why I have to bail out those who are responsible for this mess.
This deregulated horn of plenty has been going on for the last eight years unattended and now you, I, Grandma Jones and little Timmy down the street are to bail out these a-holes?
I say let them fail...all of them...hold them responsible for their mismanagement like I am if I fail to pay my bills.
Whats the worse that could happen?
Depression instead of recession?
Seriously do you really think that is much of a threat?
I am not working now, what difference does it make if I am not working in a recession versus not working in a depression?
I am broke either way.
The only ones who are really hurt by this economic disaster and I mean really, really hurt are the ultra rich, those with great financial stake in the market.
Those with the President and Congressional leaders collective ears.
The President in his speech Friday 9/19 said he decided after hearing just how bad the economic prognosis was "to act and to act boldly."
The President isn't acting...he is reacting....and reacting after waiting far too long.
Reaction is the typical response of a follower not a leader.
As for myself, I have no stake in the market, broke is broke to you and I but to the self proclaimed movers and shakers on Wall Street this is truly terrifying.
Let me define of whom I am describing.
I am not talking about the hundreds and thousands millionaires of this country, they are small potatoes in this as much as you or I.
I am talking about the multi-billionaires, the financial elite, the crème de' le' crème, who decide financially the fates of whole industries or corner markets in this country.
Those financiers who for the last decade have built and compounded the division of the classes from humble beginnings as a few mere decimal points into a yawning chasm of the haves and have-nots.
They could lose billions if not trillions.
Me? I am just out $2272 as a rough estimate...I can deal with that.
But to those who lobby Washington and our elected officials to change regulations on financial markets, to those that decide the destiny or millions of U.S. citizens on a daily basis, to those that outsourced all of the U.S. employment to foreign countries to maximize their bottom lines, to those who routinely seek to change legislation in the country to work decidedly to their financial benefit, to those who knew they were building a economic bubble to burst based upon their willingness to invest in bad loans because of their pure unadulterated greed...to those I say...fail, fail, fail.
I can get by without you, I am an American.
Welcome To Detroit
