Posted by
C-Hayes on Tuesday, November 11, 2008 8:28:13 PM
How many people purporting to be "fiscal conservatives" have said that the bailout is necessary? How often are we going to hear the excuse "I believe in free-market principles", but when it's this bad, something has to be done?
Is anyone else sick of the inconsistency?
American Express is now getting in line for its bailout handout. Automakers like Chrysler, GM and others are receiving assurances from Democrats like Nancy Pelosi that their piece of the bailout pie is coming soon. AIG's initial relief was way too low to correct any of its problems, yet that company still finds time and money to throw lavish parties for its employees.
We know that the $700 billion dollar bailout figure was made up because a "really big number" had to be chosen. And the mainstream media always reports that figure as truth.
But...what is the actual number?
"'Adding together the $170 billion that the Treasury Department has currently agreed to provide banks in additional capital, the $150 billion that the Treasury Department and the Federal Reserve are providing to AIG and the $2 trillion that the Federal Reserve has provided banks in emergency loans brings the total assistance to $2.32 trillion. If the estimated savings from the new tax breaks are included, the assistance would climb to $2.46 trillion.
"'That total does not include other measures not focused directly on banks, such as Treasury Department's $200 billion in support for Fannie Mae and Freddie Mac, and the Federal Housing Administration's $300 billion HOPE for Homeowners program.'
"Add in another $50 billion for automakers, and that's how you get to $3 trillion."
When will these "free-marketeers" say that this is too much money? How is it determined who's eligible for a bailout, and who isn't? Why is bad behavior being rewarded? Why should AIG, American Express and others EVER manage money and assets responsibly? Why aren't Fannie and Freddie allowed to fail when they clearly should have? Why should anyone pay his mortgage? When can the government interfere with a free market?
Why does ANYBODY think any of this is going to work???
This is maddening, and Obama's presidency hasn't even begun. When did we sign up for this?