Folks, this bailout money isn't about loosening credit for consumers or businesses, but consolidating wealth and power in fewer and fewer banking hands. That's great business for the banking elites, but lousy business for the US taxpayer. And it's all being orchestrated by one of their own, in the shape of Hank Paulson, ably assisted by Neel Kashkari, another ex-Goldman Sachs employee (with, according to the US Treasury, expertise in mergers and acquisitions -- what a surprise), and now responsible for administering the banking handouts.
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Rep. Cummings of Baltimore, this guy is criminally uneducated, pandering to emotions rather than scrutinizing the questioner. After the first round of questioning, it became apparent that the whole testimony was nothing but a charade masqueraded by the officials to bluster and appear as if they are caustically fighting for the "average" citizen. They went on and on with specific examples of how their constituents are suffering and sophomorically dallying around trivial matters of financial market while entirely avoiding asking any meaningful question from Kashkari. I watched Kashkari's eyes popping out in disbelief that how these buffoons are not even bothering asking him any pertinent question what so ever only to condescend him with snide array of misplaced rage.
This obsession by our leaders to keep homeowners in their home will mark the end of whatever is left in this country resembling prudence and morality. I support saving all homeowners not just the irresponsible 3 million living in Mcmansions.
Congress and Sheila Bair's obsession with this spend-only bailout rewards the reckless and punishes the prudent. Consider the lesson it imparts to promote bailouts to the reckless. City by city, neighborhood by neighborhood, people who live beneath their means and manage money carefully will see more careless neighbors supported by federal decree. And what about the 30 percent of this nation who were smart enough to rent? Or how about the large percentage of us who gave plenty of warnings to these same people the government now wants to redistribute my taxes to so they can stay in a house twice the size the home I live in. The backlash to the 700 B bailout package was not only because of the bailout of wall street but also the bailout of the reckless homeowners and their relentless ATM / HELOC spending. As it is now these people can live in their home for over a year rent free while they find a home they should have been living in from the start.
We are becoming a nation of people who feel it is not only okay but justified to cheat, lie, and swindle each other and the rest of the population. Personal responsibility is discouraged by the government and the mainstream media. Our nation is eating ourselves from within just to keep a facade of prosperity. Hope is being replaced by anger and desperation. Welcome to the new dawn.
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