Tuesday, September 23, 2008

Will Congress Bailout Bush's Titanic and What Will Be The Result

The Bush Administration insist that they are getting something for the 700 billion dollars they are using to to bailout Wall street. The truth is they aren't. What they will be buying is bad investments. Buying a Bad investment is like buying a burnt down house that is on rented property. You get the ashes. The bottom line is that Bush is asking Congress to put up money that the government will never see again. The promise of recouping anything out of this mess for the taxpayer is as big a fantasy as "The Weapons Of Mass Destruction.
Wall street will sell the government investments that they know there is no hope of ever paying off. The idea that these are simply short term problems that in the long run will pay off is insane and another con job by The Bush Administration and the worst part of it is, that they are bailing out all their buddies. These people drive Ferrari's and have multimillion dollar homes. You could live on what they could get for their houses for life. If this is such a desperate situation why isn't the government asking them to put up some collateral. It would seem to me that they should put up something for this money and if they are desperate they would.
They are trying to get bailed out for a mess they made. It is like being on a ship and navigating it purposely directly into a mine. The ship will either sink or the people on it will have to save it some how. Bailing out Wall street is like trying to bailout the Titanic. The water is gushing in at such a pace that eventually it will sink, because the hole keeps getting bigger and bigger.
The truth is that only Wall street knows the amount of bad investments they made and no one else has a clue. It could be trillions of dollars in bad investments and congress has not even had the banks in a hearing to ask how much it really is. It seems that these bad loans keep turning up faster than dandelions in your lawn and once you start bailing where do you stop.
At some point all these banks are going to head for the life boats and leave us to sink with the ship. The Bush Administration has done nothing, but spend taxpayer money for 8 years. I'm sure they have no qualms about spending more now that it will be the next president's problem.
Congress is comprised of morons with the IQ of a pencil, so they will bail out Wall street, but the result will be staggering inflation when the investments fail and a tremendous hike in your taxes to pay for it. You can Print this blog and frame it to look back at when the inevitable happens, but by that time these guys will all be gone.

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