Tonight, the first step in the nationalization of the American Financial System has taken place. This has happened despite the will of the people. The House and the Senate has been inundated with phone calls from Americans telling them not to pass this bailout. The Senate has now thumbed their noses at the American people.
There are no repercussions included in the bill passed by the Senate for those that helped cause this problem on Wall St. Barney Frank will still be in the House and Christopher Dodd will still be in the Senate.
There is still hope. The House Republicans did not go along with this on Monday when they voted on it. 95 Democrats also voted against it. This made House Speaker Nancy Pelosi look like a fool. But then there have been enough fools running around this debate for two weeks now that you’d need a roll of paper to list them all.
Congress has the lowest approval ratings in history. People don’t trust them. I’m hoping for the people to stand up on election day and eliminate anyone that voted for this bailout.
The markets work, but those in government don’t have what it takes to let the market work. This isn’t a solution to the problem. This is a new problem to be added to the existing problem. Among those problems are corrupt politicians, over regulations in some areas, under regulation in other areas. Loans to people that wouldn’t otherwise qualify for loans if the lending institutions weren’t forced by Congress to give those loans.
Investors wouldn’t buy a bad investment, so Congress stepped up and took our tax money and bought the bad investment for us. They aren’t at risk. OUR money is now at risk. Today we lost a freedom. The freedom for us to decide what is done with our money.
Now, the only thing that I can hope for is that I’m wrong and the idiots that nobody likes in Washington were right. I keep remembering the old line that even a stopped clock is right twice a day. Hopefully, this sad excuse for a Congress doesn’t make it worse when this doesn’t work.
I welcome your comments.