The Great Financial Rescue Debacle or The Bailout Pork Bill!

Our Treasury Secretary is running around like Chicken Little, but instead of screaming that the sky is falling,  he is screaming the economy will collapse, do something know.  Someone please explain to me why he did not see this coming and act with due deliberation.  How could he not see this coming?

Our President is telling us that the financial crisis is dire and needs immediate attention, with the enthusiasm of someone wanting desperately to move back to Crawford, Texas.  Why did he not see this coming?

Our Congress tells us this is dire and a national emergency and our Speaker of the House, Nancy Pelosi, tells us we need to get a bill passed now or face a Republican caused collapse, while Barney Frank and Cris Dodd have their hands all over this disaster.  She blamed the bill’s failure to pass on sixty odd Republicans for voting no, but she did not chastise the twelve members of Barney Frank’s finance committee who also voted no.  Nancy Pelosi did not chastise her five Democratic Committee Chairman who also voted no.  Ninety Five democrats voted no and all they needed was twelve Democrats to change their minds and vote yes.  This situation was so dire that the Democrats voted to adjourn for the Jewish holidays for two days.

If my house was on fire and I was in dire need, I would work through the holidays to put the fire out.  Two hundred thirteen House Democrats voted to adjourn and no Republicans voted to adjourn, yet Pelosi calls the Republicans unpatriotic!  If you take a recess, then just how serious is this problem?

The Treasury expanded FDIC coverage to money markey accounts at brokerages, without the slightest concern what this decision will do to the competitiveness of the many community banks around the country.  Now the community banks have no way to compete with the brokerage houses and the mega-banks that provide money market accounts – good show, what will be their next trick?  Up until now, the community banks could say that their accounts were insured by the FDIC.  The new revised bill passed in the Senate increases FDIC coverage from $100,000 to $250,000.  This was hailed as sorely needed and vital to stabilize the banks.  What they did not tell you was that current law authorizes the Federal Government to expand coverage to all bank deposits upon certification by the Federal Reserve Chairman and the FDIC Head that the country is in a financial crisis – are we not in a financial crisis?  Why have they not certified this and covered all deposits regardless of size?

What is crazy is that we have the same politicians who got us into this mess, some Republicans and a very heavy dose of Democrats, finding a solution.  Their current solution is to take a two hundred page bill that failed, that the public does not want, and make it four hundred plus pages, thus giving it two hundred pages of pork at an additional $150 Billion - the country is floundering and they can’t pass a rescue bill without adding pork?  These are people who for the most part don’t read the bills they vote on.  What is the definition of crazy?

No serious attempt was made to seek alternative solutions from various experts in the field, the former FDIC head is one who was not asked to participate in the concoction called a rescue bill.  This is truly the blind leading the blind.  It is becoming crystal clear that we are not represented by the best people we could find.  It is our fault, in that we keep reelecting these people at a 90+% reelection rate. 

My plan is the right plan, this general election, just don’t vote for the incumbent?   Let’s start all over!  Now, right now at this election, is your greatest chance to terminate the employment of your Representatives and Senators and replace them.