Actually what had changed was the amount of capitalist's who waged a fierce lobbying campaign in favor of this socialist bill by pressing home to congress how small businesses and consumers were already having serious trouble getting loans and that the entire economy could completely freeze up if nothing was done. So our Congress voted to give us socialism for the rich and capitalism for everyone else.
This originally was put to us as needed to save homeowners from foreclosure it morphed into a bill for the Wall Street casino. Instead of allowing these private companies to go before bankruptcy courts for business and let the normal rule and laws apply, which has far more protections for them than you or I could ever hope to enjoy, they are now allowed to continue gaming of the system.
In this bill there are NO real protections for homeowners, NO changes to laws protecting them from foreclosure, NO regulations to stop speculation or derivatives. OMG, that massive 1000 trillion dollar valueless derivatives abyss which is going to suck up that 700 billion like a black hole in deep space, that is the real problem.
I thank God most of us are now numb to that fear tactic and look for facts and reason before jumping, unlike most of Congress.
So, was it the candy, the political pressure from lobbyists, the fear tactics or something else?
Take a look at this graph as to what happened to your 401k on the day this bill passed and to this video on what protections this bill has for us, the tax payer. That graph is the real indicator that this will do nothing to save your 401k and nothing to protect your investment or to restore confidence in the financial markets. While you and I may still loose our homes as the law currently stands people like John McCain would enjoy protection for their second through seventh homes, yachts and planes if they were to declare bankruptcy.
Congress has just put everything we own on "17 Black" and spun the wheel with your future, as any money going to Wall Street is always a gamble.
And realize this; what they have done is continue the same course that has set this country on the path to ruin. Yes, our country has been tested before and has survived, but we had more or less real leadership to work out of those problems.
Furthermore I submit to you that any excuses given by any Congressional Member to support this must be dismissed, that they were utterly incompetent or were trying to protect their HIGH RISK investments or future job opportunities.
Here are some of the excuses that you will be hearing, as they wander back to the communities they were suppose to be serving to try and retain their seats.
They will say to you: My constituents 401k's needed to be protected.
I would ask your Representative where in that bill is the guarantee that would protect every American who has a 401k.
I would also ask him or her, how will this help save my 401k if Paulson has the sole discretion on when and where this money will be used.
They will say to you: This will help main-street.
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