The Fed has already pumped hundreds of billions of dollars into Wall St bailouts taking on to it's books Freddie and Fanny that hold 80% of all new mortgages in the US as well as AIG the biggest insurer in the US. It provided the collateral for the JP Morgan take over of Bear sterns, while the biggest savings and loan bank Washington Mutual has filed for bankruptcy as well as another 16 Banking institutions, including Lehman's
Throwing money at this problem is not the answer; all the bailout package does is continue this failed policy allowing the treasury immediate access to public funds by-passing Congress. The claims that the bailout is tantamount to Socialism by the right wing libertarians in the GOP is turning reality on it's head. These are taxpayer’s funds, yet not one cent is going to help taxpayers affected by the predatory lending practices at the hands of the institutions that now demand access to their funds to pay for their avarice. To give an idea of the depth of this problem and the total inadequacy of the bailout, this crisis has occurred due to about 1 million home defaults--another 5.5 million defaults are expected by 2012. The total debt of the US is $53 trillion (government, business and private) and climbing by $4 billion a day. Last year US debt increased 5.5 times GDP. If the US were a business it would be declared bankrupt. All the media hype about the necessity of the passing of the bill to avert a world recession is contemptible. Nothing will avert the coming financial Tsunami. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
