Bailout: American taxpayers on the hook … again

5 thoughts on “Bailout: American taxpayers on the hook … again”

  1. Between this bailout and the Iraq war, and the Patriot Act, Bush has managed to transfer the greatest amount of wealth and power FROM the middle class TO the wealthiest, most powerful corporations in America, with himself at the top.
    Sounds like fascism to me.
    I agree. And for the most part, Congress sat on their hands and let him get away with it.

  2. Hopefully Congress will at least insist on lots of strings being attached to this package and lots of oversight, unlike what the Treasury wants.
    Assuming a bailout like this is really what’s required, yes, there’d better be all kinds of restrictions and oversight. I can’t believe Paulson had the nerve to suggest he be given control of that much money without any oversight (although that does sound just like George Bush). In fact, I can’t believe the “plan” he presented was only 2.5 pages.

  3. I was thinking along the same lines tonight, major scare tactics! Feeling scared is such a horrible feeling, and yes, you are right- we’ve already been scared for long enough.
    What makes it worse is the feeling that it’s totally beyond my control.

  4. I thought Congress controls the purse string, and the Democrats control Congress. Does it mean George Bush is a Democrat? I am confused.
    Bush’s bailout plan called for giving Paulson $700 billion to spend with no oversight or review or responsibility of any kind. The Dems put a stop to that idea. So now the two parties are trying to hammer out a compromise. At least that’s the way I understand it.

  5. “I’m mad at the profit-taking, money-grubbing institutions who gave loans to people who clearly couldn’t afford them. Where were the regulations? Where was the oversight?”

    Where was the self-restraint among the people who applied for mortgages they couldn’t afford?

    Don’t get me wrong: I agree with you that there should be some oversight in lending.

    But I don’t really feel too much sympathy for the people who let their materialism run away with them and bought too much house and later lost it in foreclosure. Jake said something interesting last night, “People think they’re entitled to own homes.” They’re not.
    Oh, I couldn’t agree more. I have no sympathy at all for people who took on loans they clearly could not afford. No matter how sneaky or persuasive or underhanded the lenders were, nobody forced those people to sign those loans. I’ve gone off before on the idea of bailouts or rate freezes for them.

... and that's my two cents