WARNING: This is a no-edit zone–and I’m one ticked-off-American.
Typically, I avoid discussing politics. But no American who has heard about this $700 BILLION bailout being shoved down taxpayers’ throats can deny it’s too significant to not be on everyone’s mind this morning. I’m no exception.
I have a serious problem with this intended course of action. For those not up on this, here’s a quick rundown of events.
Lenders made mortgages they knew people couldn’t afford. Lots and lots of them. These loans were backed by Fannie Mae and Freddie Mac, government entities that urged Lenders to make these loans. (See that on the entities’ websites.)
The lenders then sold these bad loans to other lenders.
Surprise! The borrowers default. Lots and lots of them.
Multiple lawmakers warn Congressional leadership that Fannie and Freddie are in trouble; they’re going to crash and burn. (2003-2007)
Warnings are denied by Barney Frank, responsible for oversight on this committee. (2003)
Fannie and Freddie crash and burn–and we the taxpayers bail them out. Now we (the taxpayers) own (and are responsible for) lots and lots of worthless paper.
Lenders become insolvent and fail. And more are in dire jeopardy of failing.
Then comes the bailout.
Now Congress wants the taxpayer to pick up $700 BILLION of debt that isn’t ours. (By ours, I mean the taxpayers who pay their bills, live within their means and haven’t lied to obtain loans they couldn’t afford.) Congress is going to oversee this project. (Not reassuring, considering they were overseeing Fran and Freddie.) They’re going to stagger the payout to $350 BILLION (at least, that’s the current report on the news). If that’s well managed (by a government entity), then troubled lenders get the rest.
(Does anyone believe the government functions efficiently? Has it ever?)
Steel yourself even more because…
The 3-page document grew to over 100 pages and it’s stuffed with PORK.
That pork includes 20% payback going to “community organizations” (like ACORN, who is under federal investigation across the country for VOTER FRAUD). It’s well hidden, but it’s there.
In a crisis where we the taxpayer are getting shafted, lawmakers shaft us even further. It’s appalling. Unacceptable. And my cookies are totally frosted.
I’ve written my Senators and Congressman already.
If they vote for this bailout, I’m voting against them.
I am not convinced we need this bailout. In fact, I strongly oppose it. But if we must do something, then why not do something logical that puts the responsibility where it belongs–on the lenders?
Why not set up an FHA mortage insurance type program and insure the mortgages? The lenders who made these bad loans pay for the mortgage insurance; their greed and bad judgment did this; them paying for the mortgage insurance is just. The taxpayer still gets popped, but it’s for 30 Billion not 700 Billion and we will not have to buy all the mortgages they made. $30 BILLION is bad but it’s a far, far better solution than sticking us with $700 Billion of debt, and it calms down the market.)
Voting for this bailout, in my opinion, is sticking it to Americans. Adding pork to it is sticking it to us again. Adding insult to injury.
That’s not just appalling, it’s a betrayal of the public trust.
And enough is enough–at least, for me. I’ve had it with this nonsense. Vote yes to putting this monkey on my back (and the backs of my children and grandchildren) and add pork to make bad even worse, and my response is going to be me grabbing a broom. It’s time to clean house. If you’re in office, I’m voting you out.
That’s my reaction. Yours well might be different.
Whatever your opinion is let your leaders know. They need to hear from all of us BEFORE they act so they know that while they were asleep at the wheel in protecting us, we are wide awake and watching.
Here’s a link where you can email your representatives:
For the HOUSE: http://www.house.gov/house/MemberWWW_by_State.shtml
One hard-working, ticked-off American