The new version of the corporate welfare referred to as the bailout bill is worse than the last one. It has nothing new in that affects the average American citizen. It has grown nearly 25% in sheer number of pages and those new dead trees contain heaps of add-ons completely unrelated to the intention of the bill. In fact, the only addition related to the economy is that the amount guaranteed by the FDIC has been raised from $100,000 to $250,000 – gee, that sure helps me.
This is the mother of all pork bills – one huge jab at the heart of the American citizen (who are footing the bill) and our economy. More failing banks will NOT destroy the economy. Look at how fast WaMu went from failure to completely new branding and didn’t miss a beat. This is NOT about failed banks, its about a fire sale on the assets of irresponsible businesses and their greedy CEOs. Remember, this is a free market economy – not some socialist dinosaur. Let the market reward or punish people who do stupid things in business. If your local handyman loans out all his tools to people he barely knows and gets ripped off – who bails him out?
STOP your Congressmen and Senators from selling out your country to their political contributors – a large portion of which include foreign investors that will be the recipients of a HUGE amount of those bailout dollars.
A friend of mine has started a Facebook group that has gotten a lot of traction called Americans To Stop the Bank Bailout! Join it, as it has good information on the single largest pork bill in the history of our once-great country.