29 September 2008
About the House
About the House of Representatives' vote on the Administration's plan to bail out the credit market with $700 billion in new capital, it appears the Luddites carried the day. Not that I'm anxious to give money to those who've caused this economic crisis, it's because my mortgage was transferred again when Citicorp purchased most of Wackovia. I began my last three mortgages with World Savings and Loan years ago. They held on to their mortgages rather than sell them on the market. I was not pleased when Wackovia bought World Savings because it meant my mortgage would join a pool of marketable mortgages held by Wackovia. By the way, who thought up that name 'Wackovia' anyhow? They might have left off the last three letters as far as I'm concerned.
I digress.
I have no understanding of the mentality of those Representatives who voted against the bail out bill. The first reason I heard was that they felt Nancy Pelosi's speech last night was unacceptably partisan. I watched the speech on C-SPAN and I did not consider it partisan at all. She was clear about the Bush Administration's role in creating this crisis, but I think most Republicans have disowned Bush months ago. Now they feel attacked when Bush is blamed for something. What the Republicans are doing when the blame Speaker Pelosi is to grasp the straw they'd been waiting for to justify their "no" votes.
Late last night I finally heard one Republican in the House acknowledge his party's facilitating the spend, spend, spend emergency funds without ensuring a revenue source balanced they out. George "Put it on Their Tab" Bush will walk away on January 21, 2oo9, oblivious and uncaring about the damage caused by his Administration under his leadership. George "Walk Away" Bush treated this country as he had treated every business venture his father could put him into a job and his National Guard obligation.
Referring to my prior post about the Birk Plan, consider what, net of income taxes, $60 billion could do for the economy? Give the public the money and the financial institutions will benefit just as well or better than trusting them to have altruistic intentions for our economy. Do the middle men and women of financial institutions create an overhead for borrowed/loaned money amounting to $630 billion? Ninety percent (90%) of the $700 billion going to replace lost revenue from fees, interest, margin calls, investments and salary budgets, the stock exchanges, the communications network, the private transportation, the office space and buildings, etc., to come from every dollar of the bail out bill infused directly into the financial services industry! I'm beginning to like this guy Birk.
I've suddenly lost focus trying to grasp this. More on future posts.
Post a Comment
I digress.
I have no understanding of the mentality of those Representatives who voted against the bail out bill. The first reason I heard was that they felt Nancy Pelosi's speech last night was unacceptably partisan. I watched the speech on C-SPAN and I did not consider it partisan at all. She was clear about the Bush Administration's role in creating this crisis, but I think most Republicans have disowned Bush months ago. Now they feel attacked when Bush is blamed for something. What the Republicans are doing when the blame Speaker Pelosi is to grasp the straw they'd been waiting for to justify their "no" votes.
Late last night I finally heard one Republican in the House acknowledge his party's facilitating the spend, spend, spend emergency funds without ensuring a revenue source balanced they out. George "Put it on Their Tab" Bush will walk away on January 21, 2oo9, oblivious and uncaring about the damage caused by his Administration under his leadership. George "Walk Away" Bush treated this country as he had treated every business venture his father could put him into a job and his National Guard obligation.
Referring to my prior post about the Birk Plan, consider what, net of income taxes, $60 billion could do for the economy? Give the public the money and the financial institutions will benefit just as well or better than trusting them to have altruistic intentions for our economy. Do the middle men and women of financial institutions create an overhead for borrowed/loaned money amounting to $630 billion? Ninety percent (90%) of the $700 billion going to replace lost revenue from fees, interest, margin calls, investments and salary budgets, the stock exchanges, the communications network, the private transportation, the office space and buildings, etc., to come from every dollar of the bail out bill infused directly into the financial services industry! I'm beginning to like this guy Birk.
I've suddenly lost focus trying to grasp this. More on future posts.
Labels: Republicans Bush Wackovia Pelosi crisis
<< Home
