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The Wrongness of the Bailout

January 25, 2009

I’m just loving how every republican is dancing to the tune of the failure of the bailout.  I agree.  The initiation of the bailout was in a republicans hands, Bush, how could it do anything else, like our economy, but fail.

Yet every time another bank comes to the plate for more (so to speak), I don’t see any of the GOP standing up to that being a problem.  What’s up with that?  What should I gather from this?  It’s a problem in theory, but not enough of a problem (such as when the auto industry was bailed out) that their is silence until bank so-and-so gets their money to abuse on junkets, redecoration and bonuses?

And this comes on the heels of Chris’ post about the former CEO spending $1.2m on decorating. And spare us the talk about how all the good employees would leave if they didn’t get good bonuses. Where would they go? McDonalds? There isn’t exactly a dearth of good employees, or a hiring frenzy, on Wall Street or anywhere else in the country right now. Their Christmas bonus was getting to keep their incredibly high-paid jobs, guaranteed by the US government. Something most of us can only wish for. This is truly despicable. The government should demand that money back.  [Read the full post here]

Can I please get a little bit more outcry from the GOP over this nonsense and less about less government, unions and corporate tax breaks, please.

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3 comments

  1. I posted recently the ongoing debate between Peter Schiff and Steven Leeb who represent the two sides in the heated argument regarding bailouts and government intervention.


  2. This bailout is far more than a failure, this is corruption at its finest. We must be realistic, there is absolutely no way to hand out $8 million without lining a few pockets, what happens when you are handing out just $8 Billion? The $800 Billion dollar bailout is ridiculous not only in scope, but in delivery. When you consider the fact that the true scope isn’t $800 Billion at all, but now exceeding $8.5 Trillion, you have to sit back in Awe at the level of corruption that is going on. The fact that some are using it to fund “Christmas Decorations” is peanuts compared to how much those responsible for handing out the funding are being “kicked back”.

    Whats even more unfortunate is where this money is coming from. The common delusion is that it is being “Loaned”. That is simply a technicality. The reality is that it is simply being printed … $8.5 Trillion and counting. Can you imagine what that will do to the value of the dollar? … neither can I. Guess we will find out soon enough.


  3. Do all our Congressmen and Congresswomen own bank stock? Nancy Pelosi wants more TARP money than the 700 billion already wasted



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