Let the banks and brokers beg. Ignore them. On Sep 29, 9:03 pm, Frank <[EMAIL PROTECTED]> wrote: > 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
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