Congressman Ron Paul on CNN recently:
He votes NO on bailout. Hear his short speech on the House floor on September 29, 2008:
Could we get him to run for president? Oh, that’s right. He did run for president. Maybe he will reconsider.
But, no, it was passed so now we await the consequences. The way I understand it, the government will now buy toxic assets, or junk, from the lending institutions and then try to sort them out and see if there is anything in there that’s worth something. Now exactly who is it that is going to do the purchasing, what person? I don’t know. And who exactly will receive the money?
But rest assured, everybody will get their share of the money and then more will be required. There will likely be another federal department formed to manage all this, so right there people will skim off the top to be paid for that service or to run that service.
So any way you look at it, tax money is being used to, yes, bail out Wall Street. And changing the term to a rescue doesn’t change a thing. That is really putting lipstick on a pig for sure. They are trying to cover their own mistakes in Congress and save the fat cats who are responsible for the fiasco from losing any money in the deal. So what will probably happen? We will still have a recession or depression, only difference being the big money people will get theirs, as usual, and the rest will suffer through it. It was reported that the “golden parachutes” won’t be allowed. But, oh, that’s in the future and doesn’t apply now.
And to top it off, they had the nerve to add $150 billion in earmarks and pork. According to all the experts, here we are facing devastation and ruin of the entire financial system, and they are adding stupid things like subsidies for rum in Samoa and wooden arrows for children. The least they could have done is keep it down as much as possible. And then they say, oh, well, that’s the way it’s done – the “crap sandwich,” as Lou Dobbs called it.
Here’s my question. If the Bush administration had not come before the Congress with a plan and asked for this solution, what were those in charge of oversight going to do about it? Just sit there and let the economy melt down? Either that, or the whole thing is a scam. Were they going to take another vacation?
The whole thing is a complete outrage.