Bailout and the Credit Crisis?
Just listening to the President explain the "credit crisis" and praising the Senate and the Senate's passage of the H.R. 1424, Economic Stabilization Act "economic stabilization bill" (HR 1424). Another good source: http://www.opencongress.org/bill/110-h3997/show So, now folks with businesses and folks with homes and savings, folks who have been paying their bills and their mortgages for decades are being penalized - threatened with the loss of everything they have built - because 5% of the people and small businesses who were given "risky loans" under the Community Reinvestment Act of 1977 and its associated reiterations under Bill Clinton - with money to ACORN (Community Organizers) so that they can pressure banks to make these "risky loans" - We are the people who cannot get loans because others (acting under government-imposed legislation) have put us all at risk. We are crying "uncle" and the Uncle Sam who created the crisis is riding to the rescue. Sound anything to you like the rapid changes in our society as a result of the terrorist attack of 9/11/01? Just a domestic terrorist run against the stability and the "free market" capitalism of our economy to create more government owernship of our former "free market" system. Lenin would be proud and so would any and all who used the same tactics to establish their tyrannies over the last century. And so no one goes to jail... A pox on all their houses. Can anyone say, "Enron?" Create the panic and then legislate the solution. Community Reinvestment Act/Cartoon But the good news is that the Senate has usurped the authority of the House to create "spending" legislation. Bring on the PORK! You betcha! A Congressman is now speaking of how terrible it is that the American people have no confidence in Congress. Duh! (He also said we are a democracy; ummm..., no, we are a representative republic.) And the Senate added the "pork barrel" spending - Whoo hoo! What scum...
Labels: Bailout, Credit Crisis, Power grab, Senators
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