Last Friday, 19/9/08, President George W. Bush, flanked by Treasury Secretary Henry Paulson, Federal Reserve Board Chairman Ben Bernanke and Exchange Commission Chairman Christopher Cox, called for a government bailout of Wall Street in the name of “our system of free enterprise,” to the tune of $700bn of taxpayers money. Once again, Bush shows his aphasia by using “bailout” and “free enterprise” in the same sentence. A bailout is anathema to free enterprise—or has his Haliburton experience totally undermined that notion.
The American people are totally against this bailout. Citizen taxpayers of America are emailing their Congressmen to put a stop to this handout—so much so, that the email servers in Congress crashed with the amount of traffic. They are outraged that bankers, of all people, NEED a bailout. They certainly do if they are to keep their ill gotten gains after splashing around the toxic mortgages—but why should each taxpayer in the US be forced to hand them $2,000 per person just so the bankers don’t suffer. "Tax Payers Against a Wall Street and Mortgage Bailout"If we go into a recession then that is the price that’s paid for artificially pushing up the stock market for over 20 years. It may even encourage a little fiscal probity and belt tightening, instead of media encouraged unfettered spending. The bull needs castrating. A new financial world order with proper fiscal regulation to stop short selling, among other things, needs to be put in place, and Banks need to be properly regulated (Holding Co’s) and the regulations enforced.
If Bankers don’t suffer for their manufactured fiasco—then how are they to learn that they too can get burned? If we go into a recession, we will know whom to blame and maybe the merry bull market will be finally corrected. Want to blame somebody—blame the Mortgage Bankers and Mortgage Brokers wherever mortgage mis-selling has occurred. Oh—and don’t buy what you can’t afford!
