So how much exactly is 700 billion dollars? Well, If a person was to get $1million dollars every single day - It would take 2,000 years to make 700 billion dollars. since it is 2008 A.D., we can pretty much say that you would need $1 million dollars every single day since Jesus died.
Why the bailouts? well, obviously the failing banks have shaken up Wall Street, butlet's look a litlle closer at some of the lesser talked about facts. . . .
The FBI is investigating potential fraud by the same exact institutions that have been bailed out
http://www.cnbc.com/id/26861095
http://www.huffingtonpost.com/2008/09/23/fbi-investigating-compani_n_128759.html
The there is new information that Freddie Mac Paid McCain Campaign Manager's Firm Through last Month
http://www.huffingtonpost.com/2008/09/23/freddie-mac-paid-mccain-c_n_128770.html
http://www.nytimes.com/2008/09/24/us/politics/w24davis.html?_r=2&hp=&adxnnl=1&oref=slogin&pagewanted=print&adxnnlx=1222258789-nb+Z4tK7C0ej0nx/TIjtAg
http://www.newsweek.com/id/160561/output/print
And that AIG (which received $85 billion in US tax dollars earlier this week) is one of the largest donors to McCain's pet think tank, "Reform Institute," which he co-founded in 2001
http://www.thenation.com/doc/20081006/ames
And big surprise - Treasury Secretary Hank Paulson, used to be co-CEO of Goldman Sachs
http://www.thenation.com/doc/20060619/prins
http://www.huffingtonpost.com/2008/09/23/buffett-buying-5-billion_n_128784.html
http://www.fanaticattack.com/2008/buffetpaulsongoldman-sachs-american-taxpayer-loses-his-shirt.html
So. . . upon closer look it appears to be more of the same cronie-isms that we have seen in the past 8 years. Sign the petition at the link at the end of this blog, fax your letters to congress TODAY. They are trying to push this through by Friday!!!!
"The risk of doing nothing far outweighs the risk of the ($700 billion-plus mortgage bail-out) package." — George W. Bush, Sept. 20, 2008
Where have I heard this before? Ooooh, Now I remember . . .
"… the risks of doing nothing far outweigh the risks of whatever it takes to disarm Saddam Hussein." — George W. Bush, Feb. 10, 2003
Well, at least he's consistent — consistently wrong.
In 2005, with John McCain's active support, President Bush and the credit card and banking industries passed the Bankruptcy Abuse Prevention Consumer Protection Act (BAPCPA). The changes in the BAPCPA made it more difficult for ordinary consumers to discharge debt. The Bush/McCain law required:* Mandatory credit counseling and debtor education prior to filing bankruptcy (to squeeze more payments out)
* Additional paperwork and resultant attorney fees to discourage filings
* Fewer automatic protections for filers
* Increased amount of debt repayments required under Chapter 13
Barack Obama voted against the law. He said, "… I think they were bad ideas, because they were pushed by the credit card companies, they were pushed by the mortgage companies, and they put the interests of those banks and financial institutions ahead of the interests of the American people. And this is typical."
Now Bush-McCain want to help those same banking institutions with a bailout. John McCain is not for the common man. He is not for the small-business man. He stands for big business.The following was taken from an e-mail I received:
George Bush wants taxpayers to give Treasury Secretary Henry Paulson a $700 billion blank check - $2,333 for every man, woman, and child -to bail out Wall Street for its reckless speculation and greed. That's on top of $1.1 trillion for other recent bailouts, including A.I.G., Fannie Mae, Freddie Mac, and Bear Stearns.
The Paulson Plan is a total outrage with no restrictions, no accountability, and no repair of the underlying problem of foreclosures on fraudulent mortgages. Each of Bush's previous bailouts was sold as a cure for the financial crisis, but each had little effect. The Paulson Plan achieves only one goal with certainty: stealing from the middle class to protect the rich.
The current financial crisis is the direct result of 28 years of Right Wing Republican deregulation, corruption, and greed, which became fatally toxic under Bush-Cheney and the Republican Congress.
Congress must reject Paulson's Plunder and enact a plan with these progressive principles from the Backbone Campaign:
* The people who caused the problem or profited most should pay for it
* Re-regulate to prevent this from happening again
* Include Main Street in the bailout and invest in a new productive economy
Email your Senators and Representative and spread the word:
http://www.democrats.com/stop-paulsons-plunder
Please sign on to show your support for an economic recovery plan http://my.barackobama.com/page/s/econprinciplesf?source=20080923_BO_I_P
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