My Answer to George Bush on Bailout…Hell NO!
September 22, 2008 by tha-kid
Does it not amaze you like it does me that President George Bush is asking that the average American voter dig down in our pockets to bail out the big banks on Wall Street. However listen to what happened as Americans faced a number of issues:
When gas prices started to shoot up Hillary Clinton and John McCain proposed a tax holiday and the response was we can’t afford it because it would reduce the highway trust fund. Barack Obama proposed a $1,000 emergency energy stimulus check to help families pay their gas and energy bills. It would out right be too expensive.
When Americans started to be forced out of their homes because of the unfair and outright bogus loans these very banks issued and Democrats called for restructuring power for judges in bankruptcy courts the GOP called for leaving the free market alone.
Now that big bank billionaires on Wall Street are in trouble we are “days away from our very economy clasping” and must approve $700 BILLION DOLLARS in aid. To them I say not just no but HELL NO!
Congress should send this bill back to the White House and demand a billion dollar financial plan to protect and bail out the American tax payer who doesn’t have tax shelters that cut into our share of the pot for the federal coffers. We need a new stimulus package that brings jobs to the out of work and not just a shopping spree to get Americans back to work and able to pay their own debts. That is real reform and real help. This bill is just a blank check to Wall Street after a “good talking to” by the Principal and then let go out and play. These plans don’t call for the firing of the directors who got us into this mess. These plans don’t call for executive compensation reform to ensure that our hard earned dollars don’t end up in the pockets of the CEO failing banks. This is a bad plan, a bad deal, and therefore a bad bill. For the record I agree with Senator Sanders if a bank is too big to fail then it is too big to exist.
Tha-Kid JK
tha-kid@revkitchen.com
Chuck Schumer has offered a comprehensive plan for the bailout (http://www.newsdaily.com/stories/n21532763-financial-bailout-schumer/)
The gas tax holiday is affordable and necessary. The inexperienced Senator from Illinois must wake up.
[Reply]
Mr. Chassid, the gas tax holiday will temporarily lower the prices of gasoline, which will temporarily cause increased consumption of gasoline and more demand for gasoline. In my opinion, this will drive gasoline prices right back up. So, I’m not in favor of it particularly. But I’m willing to listen to a favorable argument.
Mr. Kitchen, I agree with you and think that the $700 billion requested for corporate bail-outs is not a good idea. It demonstrates to me that the dynamic of corporate engagement is strong in Washington. But I’m doubtful as to whether the Democrats in Congress will cut that $700 billion figure much. Additionally, you note that there needs to be a new stimulus package that brings jobs to the out-of-work. There are two ideas (open to your scrutiny) that could be useful components in such a thing. One idea is establishing fair trade, rather than free trade, policies (so as to protect the country’s worker and manufacturing jobs with tariffs). Another idea is the establishment of a new public works program in which workers rebuild, piece by piece, our country’s infrastructure. That would provide jobs—and not only physical jobs, but management jobs as well.
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