Bush, Congress Bow to Federal Reserve on $700 Billion Bailout

Here comes a massive government bailout of Wall Street. Guess who gets the bill.

“Hurry, hurry, hurry,” say Treasury Secretary Henry Paulson (a former Goldman-Sachs executive), President Bush, and Federal Reserve Chairman Ben Bernake. “Don’t read it, Congress. Just sign the check.”

“Heaven help us,” exclaimed Paulson on his tour of the Sunday morning talking head shows, “if Congress fails to pass this.”

Speaking of the house of cards the U.S. economy rests upon, President Bush said, “So when one card started to go, we were worried about the whole deck going down, and so therefore moved, and moved hard. This is Wall Street plus Main Street.”

Bush continued, “Well, my first instinct wasn’t to lay out a huge government plan. My first instinct was to let the market work until I realized, upon being briefed by the experts (meaning those asking for the bailout), of how significant this problem became.”

Nothing but the “Roll-over Democrats” stand between Wall Street and their bailout. I say roll-over because this Democratic Congress has proven itself to be all huff, puff, and roll over on matters of importance. They are huffing and puffing this morning, but they will rollover.

If you’re a taxpayer checking out at the government expenditure store, here is a list of items that might not be in your budget.

• $700 billion (for openers) Federal bailout of irresponsible banks and insurers.
• $800 billion (to date) for the Iraq and Afghanistan wars
• $431 billion (annually) interest on the federal debt (in layman’s terms that’s the minimum payment on the Federal Government credit card owed to the Federal Reserve).

That’s $1.8 trillion that doesn’t fix one road, fund one school, or do anything productive for anyone. That works out to about $6,000 for every man, woman, and child in The United States.

Saturday Congress, bowing The Federal Reserve and the Treasury Department, is going to expand the Federal Debt Ceiling from $10.6 trillion (about $60,000 for every man, woman, and child) to $11.3 trillion (about $62,500 for every man, woman, and child). Today Congress is poised to pass a “no questions asked” appropriation to make a downpayment (because that is all it is) on the Wall Street bailout.

Congress is putting its stamp of approval on the current list of bailouts and putting the taxpayers on the hook for those expenses and all the unknowns and unknowables that go with that commitment. No one knows how much the actual bill will be.

There are said to be $516 trillion (that’s trillion with a T) in derivatives out there according to investment guru Warren Buffett. These are Las Vegas-style bets made by these companies we are about to bail out that could fail.

Here’s some perspective. The U.S. Gross Domestic Product (GDP) – all the goods and services produced in the United States in one year is about $13.8 trillion. The global GDP is about $54 trillion annually. Mind you, Buffett warns his figures may be low. Even if we take the $516 trillion – which is nothing but funny money buying more funny money because it that much money or real assets don’t even exist – that’s more than 30 years’ worth of US GDP and almost 10 years’ worth of global GDP.

This is what your President, your Congress, and the unconstitutional Federal Reserve are setting the American taxpayer up to potentially pay.

Every American should be outraged at these companies. They should be outraged that government went to sleep at the wheel and allowed this to happen. They should be outraged that they are now going to hand the bill to the US tax payer. That is what your elected officials are about to do today. Hand you, your children, grandchildren, and beyond the bill for this mess.

This quote sums it up.

“If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”

~ Thomas Jefferson

That’s what we are facing today. Where is the accountability? Where is the outrage? Where are investigations and indictments?

It’s like we are tellers at one of these banks and they just walked up to our window and handed us a robbery note and ordered us to fill their bag with cash. Congress and President Bush are in the back right now filling their bags with our money.

Unbelievable!

Today’s common sense question is this: Do you think for one second these bailed out institutions are going to show the taxpayers who bailed them out the same leniency?