Wednesday, September 24, 2008

Historic Bailout---Confusion, Doubts Abound.....

After a full day of testimony to the Senate Banking Committee, Paulson and Bernanke, (and Cox) left many of the electorate in a state of confusion and frustration over the proposed 700 billion bailout of the financial sectors of Wall Street. As more information comes to light how the markets got into this mess, the public has become more inflamed over the total lack of regulation and oversight while unchecked financial institutions fed on the freewheeling practice of supplying unsecured and ill-advised home loans to millions of unqualified buyers. Now these same irresponsible institutions are claiming that they have so much unsecured debt they are in no position to extend further credit while teetering on becoming insolvent/bankrupt. What to do?

For starters, most everyone agrees that a 700 billion dollar blank check written to the Treasury Department with little or no restrictions or oversight will not fly. The problem that lies ahead is how much our politicians plan to add to the bailout without literally killing the bill with their own petty provisions and restrictions. Make no mistake, both sides of the isle see the control of 700 billion, (and the power that comes with this responsibility) as an opportunity not seen since the institution of Social Security.

But let me digress for a moment. This photo posted above is about as repulsive to me as the whole financial debacle. Why a news outlet would post a photo-op with the two most inept politicians ever put in charge of our legislative branch of government gives me a moment of pause----right before nausea sets in. While rating as the worst congressional leaders in the history of this nation, Reid and Pelosi have the gall to stand in front of an adoring liberal press as some kind of saviors of our bank accounts. After literally telling the American electorate last week that our ENERGY CRISIS is not relevant to this country's current liability and reliance on a 700 billion a year transfer of wealth to foreign governments, these two pathetic excuses for leaders of their party should be impeached and run out of Washington in disgrace. Two years of total control as Speaker of the House and the best Pelosi can come up with concerning our energy independence is "I'm trying to save the planet". Can we have an Al Gore hallelujah and pass the carbon credits? This liberal socialist/marxist mentality is choking this nations ability to remain the industrial and economic leader of the free world. The fact that this nation allowed an Iranian President to step on our soil and threaten our sovereignty and the worlds stability should be reason enough to advance our resolve to become energy independent.

Is there plenty of blame to pass around for the current financial crisis on both Democrats and Republicans? You bet. Many would love to tell the banks and financial institutions that passed out home mortgages like candy to "eat shit and die", (edit for publication), but the reality is without the bailout of the financials the taxpayers and future homeowners and the overall economy will likely cost billions more with no end in sight. But with close to two years of control of the House and the Senate and over 600-plus oversight hearings to bring down the Bush Administration, many could ask where was the oversight of our financial institutions? This nation can ill afford a Democrat controlled Presidency along with control of the House and Senate that would go unchecked with their socialist policies and agendas that would return us to a welfare state that Carter embraced. It's time to send the Democrats failed policies packing. It's time to elect John McCain and Sarah Palin to provide sanity and solvency again to a nation hungry for real leadership with fiscal and national security policies that will keep this country "the greatest nation on God's green earth". (Medved) The alternatives are a recipe for disaster.

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