To bailout or not to bailout?

Here are some of my thoughts and quotes from others on this bailout mess.

The Italian Charter of Labour says that private enterprise is responsible to the state . . . [but] it is the state, i.e., the taxpayer, who has become responsible to private enterprise . . . . Profit is private and individual. Loss is public and social.

–Gaetano Salvemini, Under the Axe of Fascism(1936), p. 380. (Salvemini was a brave critic of Italian fascism under Mussolini).

Washington no longer represents “We The People” anymore, they represent We On Wall St.  McCain has received nearly 12 million in campaign contributions from the Wall St. banking, finance, investing sector.  Obama has received nearly 9 million from the same group.  Here is great quote from opensecrets.org that sums it up.

Together, as of August 18, 534 elites have directed at least $75,750,000 to McCain, and 509 have gathered at least $63,300,000 for Obama.

Here is a great video of Peter Boockvar explaining to critics why we need to let this “crisis” run its course and not let government get involved.

Here is Bloomberg reporting that “hundreds of economists” are urging congress to not do a rescue plan.  Could the banks be exagerating the liquidity crisis in order to get the bailout money?  When Japan bailed out its banks in the 90’s, their banks ended up just hording the money.  I call this human nature.

Here is Ron Paul Neil Cavuto from yesterday.  Thank god we have Ron Paul who everyone is racing to since he has been predicting this for many years now.

Here the former cheif economist from the World Bank, Joseph Stiglitz says of a bailout:

This plan is nothing else but a short term solution…We’re turning risk investment funds into the hands of taxpayers…we’re simply wall papering them on to the taxpayer, and this is monstrous

Here are some great resource and more in-depth reading about the bailout.  A Bailout Reader.

Read here about how dirty the money in Phonnie and Fraudie are, along with Barney Frank, the patron saint of Fannie Mae.  This guy should ridiculed in a public square for how corrupt he is. how can guys like this get re-elected?

An finally some perspective on how much 700 billion is, here is that number divided by (roughly) the number of Americans:

700 000 000 000 / 300 000 000 = 2 333.33333

Oh, and in case you don’t know who Fed Chairman Ben Bernanke is looking out for, check out what he suggested to congress.  That punk had the nerve to actually suggest the taxpayers pay more for these worthless securities than there actual value.