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September 23, 2008 at 09:00:03
Promoted to Headline (H2) on 9/23/08: by DC Rapier Page 1 of 1 page(s) 
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Simply put: it's not ‘Free’ – not for the taxpayers, anyway. President Bush: “Our system of free enterprise rests on the conviction that the federal government should interfere in the marketplace only when necessary. Given the precarious state of today’s financial markets and their vital importance to the daily lives of the American people, government intervention is not only warranted, it is essential.” Essential to maintaining the position of the unscrupulous wastrels, socio-pathic mega-gamblers, and the morally bankrupt business elite, that is.
Eye See You and Raise You a Trillion
John McCain weighed in, as well. The Straight-talking Senator was asked by Scott Pelley of ‘60 Minutes’ if he still defended his support of deregulating the financial industry in light of the fiasco on Wall Street.
Scott Pelley: “In 1999, you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?”
Sen. McCain: “No. I think the deregulation was probably helpful to the growth of our economy.”
It should be remembered that McCain’s former advisor on economic affairs, Phil Gramm, was one of the principal conspirators in pushing through legislation de-regulating the banking industry.
Meanwhile, on the Hill, Treasury Secretary, Henry Paulson feels that American taxpayers who are caught in the credit squeeze created by the mis-management of investment bankers are not entitled to bail-outs or assistance.
Henry Paulson: “The ultimate taxpayer protection will be the stability this troubled asset relief program provides to our financial system, even as it will involve a significant investment of taxpayer dollars. I am convinced that this bold approach will cost American families far less than the alternative—a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion.”
How Mr Paulson has been able to foretell the future with sufficient accuracy to determine ‘the alternative’ to the American people shelling out an estimated $1,000,000,000,000 (one trillion) to rescue failed businesses when he presumably could not foresee the current financial debacle remains unanswered. Mr Paulson did not elaborate upon whether or not other less extreme, less ‘bold approach(es)’ had been considered.
It is evident that President Bush and his administration are confident of the largesse of the American taxpayer to rescue even foreign banks from the financial calamity brought on by deregulation and the ‘Free Market’. Over the weekend, the size of the proposed bailout grew as the Bush administration said foreign banks, including Barclays and UBS, should be eligible for the bailout. The Financial Times reports some industry groups are lobbying for the fund to grow even larger by including a clause that would allow banks to account for any losses realized over a number of years.
Secretary Paulson is convinced that the American people will be less burdened by this $1,000,000,000,000 (one trillion) bail-out than by any attempt by the Fed or the Treasury to assist those millions of home-owners facing fore-closure, homelessness and destitution. Mr Paulson did not expound upon this irrationality.
His worry is ‘economic expansion’, and those folks in foreclosure as a result of predatory sub-prime loan programs simply cannot be expected to be a viable part of the anticipated ‘economic expansion’. Now, that’s what some wags might call ‘compassionate conservatism’.
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Implement the Birk Plan
The Birk Economic Recovery Plan I’m against the $85,000,000,000.00 bailout of AIG. If we’re going to re-distribute wealth let’s really do it...instead of trickling out a puny $1000.00 ( “vote buy” ) economic incentive that is being proposed by one of our candidates for President. We deserve it and AIG doesn’t. T. J. Birkenmeier, a Creative Guy & Citizen of the Republic PS: Feel free to pass this along to your pals as it’s a very sobering thought on how to best use $85 Billion!! by Anton Grambihler (1 articles, 0 quicklinks, 4 diaries, 314 comments [7 recommended, 0 rejected]) on Tuesday, Sep 23, 2008 at 4:01:47 PM  (0+)
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Reply: Error in Calculation
Rob pointed out to me that the amount is really $425 per person instead of $425,000. The original sounded so good, I made the mistake of not checking the calculations myself. by Anton Grambihler (1 articles, 0 quicklinks, 4 diaries, 314 comments [7 recommended, 0 rejected]) on Tuesday, Sep 23, 2008 at 4:46:00 PM (0+)
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Reply: cue Gilda Radner
"never mind" you had me going! by Dave Berman (54 articles, 0 quicklinks, 7 diaries, 49 comments [2 recommended, 0 rejected]) on Wednesday, Sep 24, 2008 at 1:55:33 AM (0+)
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Stability
Stability: four accomplishes holding a rape victim by the four extremities while the fifth goes at it. by Stickshift (0 articles, 0 quicklinks, 0 diaries, 20 comments) on Tuesday, Sep 23, 2008 at 4:28:17 PM (0+)
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Four Presidents have been Eliminated
Ron Paul has been warning us for 30 years...the Federal Reserve (Not Federal...No Reserves) is the head of the beast, which must be cut off. This foreign banking cartel which issues fiat currency out of thin air, has been the cause of the bursting bubbles and runaway inflation. The mafia style strongarm The IRS is its enforcer. JFK was the last of four presidents to die in office, after planning to return the money issueing power to our government. Watch Aaron Russo's "America Freedom to Fascism" on You Tube. The One World Order is out to consolidate its power, by destroying America. by ronheri (0 articles, 0 quicklinks, 0 diaries, 256 comments [45 recommended, 0 rejected]) on Tuesday, Sep 23, 2008 at 7:13:05 PM (0+)
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Mode du jour
~ http://www.youtube.com/watch?v=xxMWqwwT0JE ~ by Keystone (0 articles, 0 quicklinks, 2 diaries, 299 comments [78 recommended, 0 rejected]) on Tuesday, Sep 23, 2008 at 7:39:45 PM (0+)
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socialized loses????
This is wrong. by Lew Ranger (0 articles, 0 quicklinks, 1 diaries, 48 comments) on Thursday, Sep 25, 2008 at 1:52:26 PM (0+)
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