View Mobile Site

Ask the Expert

Signal Photos


No bailout for Bonzo!

Posted: September 29, 2008 8:24 p.m.
Updated: December 1, 2008 5:00 a.m.

It's time to get a few things straight regarding the Wall Street bailout.

After two years of listening to George W. Bush telling us "the economy is fine, there is nothing to worry about," which was echoed a scant week and a half ago by John McCain when he cited "the economy is fundamentally sound," now Bush and Treasury Secretary Henry Paulson place a gun to Congress' collective head saying they need a blank check to bail out Wall Street or the sky will fall on us all.

I say blank check because even though we've all heard the $700 billion figure, most analysts feel the actual amount will be closer to $1.8 trillion paid by taxpayers like you and me.

Knowing - as we should by recalling the S&L bailout we paid for years ago - that this is still only a stop-gap measure and one that puts no regulation or penalties on any mismanaged financial institutions.

There is no solution here, only a gross payout to irresponsible financial groups and greedy CEOs who lie in wait for Paulson's outstretched hand.

Unelected official Paulson's demands regarding his sole dispersal of the funds are that his decisions be "non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

This is the same guy who, in March of this year, said "our markets are resilient, our institutions, our banks, our investment banks are strong."

This is the same person who, prior to being appointed to Treasury, was CEO of investment banking giant Goldman Sachs and accumulated, as CEO, a personal stock fortune worth over $520 billion even after the Wall Street meltdown.

Do we really want him to have the last word as to how much, and to whom, bailout money is awarded?
For any type of bailout, regulations must be put in place, investments in real economy like our infrastructure must move forward, bad mortgages need to be renegotiated, and taxpayers need to share in any potential profits.

We are being asked to purchase banks' broken down assets with very little return expected.

Meanwhile, private equity firms are being given an opportunity to make what should turn out to be very profitable investments in the same banks.

Call senators Boxer and Feinstein and Congressman McKeon and let them know you won't stand for the Bush-Paulson doctrine!


Commenting not available.
Commenting is not available.


Powered By
Morris Technology
Please wait ...