Funny how John McCain suddenly is a fan of regulation:
"I am greatly concerned that the plan gives a single individual the unprecedented power to spend $1 trillion -- trillion -- dollars without any meaningful accountability," he said in prepared remarks.Gee, Senator and who was one of the biggest fan of as little oversight as possible. Oh yes that wold be you. Yeah maybe if Congress, the Republican controlled Congress, had done its job we might now be as big of a mess as we are. But they didn't and neither did you.
At a rally in Scranton, Pa., McCain declared that "we will not solve a problem caused by poor oversight with a plan that has no oversight."
It seems that the bailout has gone over well on Wall Street but everyday ordinary people aren't as please. Here's a story from the Post.
The sentiment is pretty much summed up by this comment:
"If I spent more money than I have, I don't deserve to have somebody bail me out," said John Owens, 45, a developer who lives on Eagle Court, where three houses have gone through foreclosure.I have to agree. I bought my home in the time of no money down, no interest loans. My real estate agent in the strongest terms told me not to use those options. I listened to him. What happens if in the coming economic downturn (all but promised because of the huge bail out) I loose my job. What if my house is put in jeopardy? Who's going to help me out? I played by the rules why am I now having to pick up the tab.
If the Bush administration is going to make this thing work they need to be much more upfront about what is going on. I know that is a stretch for them. Being open honest and upfront. Not things normally associated with them. But if this is going to work there needs to be a very hard sell for it. Because I happen to think doing nothing would be much worse.
So maybe George needs to start acting like he's in charge and address the American people and tell them exactly why we are mortgaging our future.
1 comment:
Maybe George needs to start acting like he's in charge and address the American people and tell them exactly why we are mortgaging our future.
That would require him to be able to articulate a complex subject, and not even a teleprompter could help him do that! But his regime is equally responsible for this mess since they had a total hands-off policy when it came to regulation.
But to answer your question, the reason that ordinary Americans have to pick up the tab for the greed of Wall Street is because ordinary people pay while the corporate elites favoured by Bush-Cheney and McCain play. And the sick joke in it all is that far, far too many ordinary Americans will still vote Republican. Apparently too many American voters enjoy being screwed over again and again or else they'd throw out the bums who did all this. Hopefully, enough people are fed up and will vote for change in November. Either that or ordinary Americans better start selling off everything they own so they can continue to pay for the greed of the corporate elite.
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