My take on the 700 billion by donspoliticalblog
(libertarian)
Sunday, October 26, 2008
It seems when push comes to shove it's the people that get shoved. Although we had little to do with the problems of the financial world it looks as if we are the ones who will pay in the long run. I have tried to justify this bailout in my mind and it just doesn't add up. I thank both the 228 democrats and the republicans who have held out for a better deal, without their support we would be owing 700 Billion by now. The problem is we need to get the problem solved and solved sooner than later. IF Nancy Pelosi would get her head out of her derriere long enough to work with all parties instead of trying to lay a blame blanket on the republicans it might just come together. Everyone knows the seriousness of the situation and should be willing to work these details out in a package that we can at least swallow without choking.
This package should include the recovery of much of the monies paid out to the candidates as well as the former managers of Fannie and Freddie. Senator Dodd and Frank should be among those returning this money to the funds. I will be damned if the public should be responsible for their windfalls.
This package should not make anyone rich nor should it exclude the attempt to renegotiate any home loans that may be salvageable. Keeping families in their homes and out of foreclosure should be a major part of this scheme. A salary cap should be placed on any project that benefits from this program including the automakers windfall package. A complete history of this whole negotiation including names and statements of each participating politician should be made public immediately. We the people want to know who and why they voted as they did. No more backdoor meetings and secret agreements between politicians.
Banks should be placed on notice that it is imperative that they move quickly to re-establish a flow of money into the economy in the form of consumer loans. Auto loans and consumer product loans will help rebuild our sagging economy faster than any government programs. To be sure the money should not be placed in the hands of the Secretary of the Treasury for disbursement as he see's fit. The bulk of the money should be put into a trust and trustee's should be appointed from each party to decide the disbursement of funds. It's time for the politicians in Washington to wash their hands and come clean. Do the job that we sent them there to do.
And that's my opinion, Don
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