Posted by
theoilpatchplug on Monday, September 29, 2008 8:35:08 PM
Scared Money and Bad Government… Disaster for Generations.
Take a breath. A large number of Washington elites are trying to panic the American people into trading in their economic freedom for the promise of putting on a band aid over a mortal wound. The market had already gone down more than 400 points before the vote.
The markets had already discounted the bailout bill as a turkey before Pelosi had insulted the Conservative members of the House. There will be a price to pay for the looting of Fannie and Freddie by the Democrats and their fat cat friends. I want to see this fraud end with a series of perp walks by the folks that stole the money.
The adoption of the Fascist (system by which government and business are intertwined) Bailout Bill for social and political agendas and calming the markets is ludicrous. This social takeover of business and risk is doomed to be a failure and the drop will only become much worse.
These problems were not caused by free markets. They were caused by government forcing banks to give loans to people that were not creditworthy. Surprise, Uncle Sugar gave you a loan you can’t afford and you have bad credit. Is there any doubt a large number of folks will walk? The Black Caucus, ACORN and I’m sure a few well meaning liberals thought they could social engineer the free enterprise system and make more Marxist. These groups don’t want the deadbeats to pay for their mistakes nor do they to take the blame for this government debacle.
Sure they are going to blame George Bush and Conservatives- it’s in their DNA.
The only cure for this problem is the free market. Cutting government spending, capital gains, and changing the accounting regulations would help. We need as much free market and transparency as we can get. I thought George Bush knew this.
This Chicken Little act is getting old. Mr. President, calm down that Wall Street. Let’s go back to the roots of Capitalism, not Capitolism.