Here's a link to the bill which was passed 74 to 25 by the Senate last night. Pages 25 to 30 concern relief for home owners and rental property owners, but the key words are shall implement a plan. The Secretary shall implement a plan that seeks to do this, that, and the other thing, or may just send all of the money to his buddies on Wall Street or at the Fed according to the original plan. I can see it now. The Secretary says we have this plan to help the homeowners, but we already sent the money to the bankers. We need more bailout funds to help the homeowners, but of course, it needs to be sent to the banks to manage it.
As I wrote in Wondering Why We Are Bailing Out Those Banks? Could it be FRAUD!?!?! "why we are bailing out banks and doing little to nothing for families facing the loss of their homes when we could concentrate on bailing out the families facing foreclosure. This plan would save the loans, and therefore, bail out the banks." This article contains links to the Miami Herald articles showing that (surprise, surprise) the Republicons and their Democrook enablers looked the other way while widespread mortgage fraud went unchecked.
Yes, the Bush administrations in DC and Florida looked the other way while hundreds of thousands of American families lost their homes and their life savings, but do you think that none of these people contacted their Democratic representatives in Congress or the state legislatures? Of course, they did! So, what did the Democrats do to stop widespread fraud from being perpetrated by some unscrupulous bankers, fraud which was obviously being allowed by the regulators and law enforcement officers controlled by the Bushes?
Well, on Monday in the debate on the bank bailout bill, Barney Frank proudly proclaimed that once the Democrats took Congress back, they passed legislation reining in sub-prime loans. That sounds good, right? But what is a sub-prime loan? It’s a loan to someone with other than perfect credit, like most low and middle income workers.
Of course, Bush signed this piece of legislation, and this moronic move made it much more difficult to finance new home purchases and to refinance loans with rates which were increasing. It resulted in a dramatic decrease in demand for homes as afterwards only those with perfect credit had a chance to buy. This immediately devalued real estate, wiped out trillions in middle class equity, and kept people from even being able to sell homes to downsize. So, once again both the Republicons and their Democrat enablers screwed everything up, and it appears to have been done on purpose as Bill Clinton said at the Obama rally in Orlando on Oct. 1.
Unfortunately, it seems that some of our leaders are more interested in just saving the banks while millions of American families are thrown out in the street. By the way, does that strategy actually avoid an economic crisis or does it cause one which is even worse?
Let’s think about that: millions in the streets unable to provide shelter for their families or millions in their homes with some relief from the outrageous rates that they were stuck with after being falsely promised by the unethical bankers that they would be able to refinance before they had to pay those high rates. Which scenario would work out better? Which one wipes out the middle class and consolidates power for the ruling elite?
Well, our Senators have spoken, at least 74 of them who apparently feel like they are free to ignore the wrath of the voters, and they have said, "Let the people eat cake!!!" Of course, to add insult to injury, they added to the quote which sparked the bloody French Revolution (the one which resulted in almost all of the ruling elite being killed!;), "Let them eat cake after they are thrown out in the streets! Have a Happy Thanksgiving, a Merry Christmas, and a Happy New Year! The bank robbers, their other enablers, and I sure will! My campaign war chest is full and I have bodyguards, too!"
Now it is up to the members of the House who stood against the bank robbery bill on Monday to protect us from a bailout bill which is opposed by hundreds of leading economists, not that it takes an economics degree to understand that throwing hundreds of thousands or millions out in the streets is going to be very bad for the economy. Can you say crash? You know that crash that the Bushies say we need to bail out the bankers to avoid. Has anyone not caught on to the Bush BS yet? Let's see…. Bush I is ruling during the Savings and Loan bail out, and Bush II is ruling when the banks need to be bailed out. Does anyone see a pattern here?
Unfortunately, over 200 members of the House voted in favor of the Bush bank robbery and economic collapse bill on Monday, so it will likely pass tomorrow unless the people who see through this blatant attempt to wipe out the American middle class get off of their asses and raise holy hell. You can find out more and take action by going to www.VoteNoBailout.org There may be other organizations trying to fight against this bank robbery and economic collapse bill, and if so, I urge you to post links to them in the comments and support their efforts, too. This is the last chance for the middle class in America, and the last chance to avoid a real economic collapse which seems to have been carefully planned by those in power, the Money Party.
If you’re wondering why so many members of the Senate, the House, and even the Republicon and Democrook Presidential candidates risked the wrath of the voters to support this bill, could it be because our votes are "counted" in secret now? Oh yeah, that is not only inherently dangerous, it’s unconstitutional, too! For more info, see Project Vote Count’s Election News and Project Vote Count’s FAQ Yes, Virginia, secret vote counting is unconstitutional, but no one in power gives a damn! They just want to stay in power by whatever means.
Here's a link showing how the Senators voted and some links to a couple of short videos about this crisis:
Chuck Norris’ One Wish I have to agree, and unfortunately for us all, it may end up that way. Recall the French Revolution and that history repeating itself thing.