Hilarious video but very true.
We’ve got to do something about this inept congress who is going to give these three morons a handout. I nearly fell out of my seat when I heard one of the Big Three CEO’s answer a question from a Congressman about restructuring. He said even if they get the money they are still going to lay people off, cut back and restructure their company. I’m sitting there thinking can’t you do that filing chapter eleven bankruptcy and then WE wouldn’t have to bail you guys out! And yesterday we got the same lame ‘THE SKY IS FALLING’ excuse from GM saying they wont have any money at the end of December unless they get $25 billion from the Fed( or was it $75 billion?) I don’t know they keep on raising the price tag on this thing! I hear so many of their complaints that AIG and the others got a bailout so why not they. We have got to say enough is enough. Solving an economic crisis of this magnitude with monetary policy is very dangerous. It concerns me that if we keep pumping money into the economy what effect will it have on inflation? We need to roll back this bailout and support Sen. James Inhofe’s propose legislation(S. 3683) to do so.
“The outlook for economic growth has worsened,” Bernanke said today just days after a $750,000,000,000 bailout bill was passed to get our economic mojo back. We were told we had to do this now or the sky was going to fall, markets were going to tank and the only thing we were going to own was the shirt that was on our backs! Well, now markets are still free-falling, nothing is better and we’re stuck with paying out the nose for this “Rescue Plan”. I know that constituencies have to be put in order and just because the Bill has been passed doesn’t mean that things will start immediately but the Bill didn’t impress the markets one bit. We must look at it from this angle that the end of the world didn’t come last Friday. We are still here today buzzing by the drive-through of Starbucks paying for our double mocha latte. So why in the world didn’t Congress, after the initial bill failed, revise this thing or scrap it altogether? Why not refinance all these toxic loans, count our losses and let the markets adjust? “NO, WE CAN’T DO THAT,” the gainsayers will shout “we will loose millions if not billions of dollars if we did that!” Well something is better than the mess we are in now. The current news is that the problems that are in our lap are now in the laps of the Europeans and others around the world. With all of this we have a foreseeable future with a man in the White House that wants to tax us heavily (don’t believe for a minute the whole raising taxes on only 5% of Americans thing) and meet with dictators who want to wipe our very existence off the pages of history. If you are not a religious person it should even drive you to pray for the quagmire we could possibly be entering into.
Here is the new Bailout Plan Bill. All 451 pages of it!!