WALLSTREET BAILOUT: WHERE'S THE MONEY GOING?
By Lynn Stuter
November 18, 2008
When the U.S. House of Representatives, led by House Speaker Nancy Pelosi (D-CA), took up President George W Bush’s (R-TX) proposal to bailout Wallstreet – H.R. 3997, the House of Representatives was deluged with phone calls, faxes, and e-mails to representatives, calling on them to defeat the bill; the deluge ran somewhere in the neighborhood of 100-1 against the bailout.
The message from the American people was clear, “do not do this.”
Even though House Speaker Pelosi pulled every dirty trick in the playbook to get the votes needed, H.R. 3997 failed to pass.
The Senate then took H.R. 1424 - a bill passed by the House of Representatives in March 2008 then sent over to the Senate - amended it with the bailout language, including enough earmarks to get the votes needed, passed it and sent it back to the House who also passed it. Like whores, legislators were bought for the taxpayer dollars they would get for their pet projects back home.
All this was done against the will of the American people, the American taxpayers. The message from Washington, DC was clear: “We are Congress; we know better than you lowly taxpayers what you need.” To that end they pledged $700 billion taxpayer dollars to bailing out their Wallstreet buddies.
It is now almost Thanksgiving and how is that bailout going?
Well, let’s see.
Stories have surfaced in the past six weeks about how that bailout money is being spent. Here are a few:
Bailout, AIG Execs Head to California Resort
2- AIG Execs Splurged On English Hunting Trip
3- Reid Unhappy With Bonuses For AIG Execs
4- Fed's Bailout For AIG Swells To More Than $150B
5- Where Is The Bailout Money Really Going?
6- Treasury Head Unveils Revised Bailout Plan
From just these few stories, it becomes clear that:
Congress had no idea what they were doing when they passed HR 1424.
They had no idea what the bill said; they had no idea how the money
was really going to be spent; all they really knew was what
they were told.
2. HR 1424, while appropriating the money, provided no clear-cut perimeters of how it could be spent.
3. The money is going to banks and companies that don’t need a bailout, they need new top management.
4. What Congress claimed the money was for, and what the money is really for, are entirely different.
This past week has brought news that the big three automakers, General Motors, Ford and Chrysler all are asking Congress for a financial bailout. Why not? Congress did it for their Wallstreet buddies; why not for the big three automakers.
But the reception in Washington has been quite different than it was for the Wallstreet bankers and brokers. While Congress put no restrictions on their buddies on Wallstreet, the same isn’t true for the big three automakers. And when it comes to using the Wallstreet bailout money to help stop home foreclosures, that isn’t going to happen either. Why? Is it because the “big three” provide jobs for Americans and mortgages provide homes for Americans? We’ve known for a long time that Congress approves sending American jobs overseas. Why would it be such a stretch that doing anything to help the American taxpayer would be out of the question?
What is very evident, however, is that what Congress claimed, concerning the “impending financial crisis,” wasn’t true. It is also apparent that many in Congress believed what they were told by the White House. Since when has President George W Bush been known to tell the truth about anything?
The American people should be outraged. To that end; the American people should,
demand the resignation of every Senator
who voted for H.R. 1424;
2- demand that every penny of the bailout money be returned to the Treasury;
3- demand the prosecution of President George W Bush and Treasury Secretary Henry Paulson under every statute applicable.
The American people are suffering with no relief in sight as their jobs disappear, and they have no means by which to put food on the table or a roof over their head. Congress can bailout the rich who don’t need it but does nothing to help those truly suffering.
And it must be noted here that both presidential candidates, John McCain and Barack Obama voted for the bailout. Since then, Barack Obama has become president-elect Obama. His followers believe he is going to help the little guy, redistribute the wealth, spread it around a little.
Really? The bailout was a good example of how Obama will go about redistributing the wealth.
The Wallstreet bailout was a taking of money, from the American taxpayers, and the giving of that money to the rich. We’ve watched them head off to fancy resorts in California, go on hunting trips to England, and give themselves millions of dollars in bonuses.
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Many have tried to warn the American people that Barack Hussein Obama is not who he portends to be.
And if they’ve been watching, as he has filled his cabinet positions and posts, those who truly believed the “Yes We Can” mantra should be, about now, getting a feeling of déjà vu; that they’ve been deceived.