It looks like a vote on the bailout could be taken in the House between 7 and 8 eastern tonight. However, it appears to be encountering problems in the Senate.
MSNBC has a copy of the bill available here.
Keep calling and writing (suggested letters are here). It’s very possible the bill could be rejected in the House if there is widespread uncertainty about its future in the Senate. Legislators who would otherwise cave to the pressure to vote for the bill may be encouraged to stick to their guns and vote against the bailout.
As if it wasn’t bad enough when the government gave the (minimum) $700 billion dollar bailout of the banking cartels and not requiring proper paper trail on where these funds went or to whom. And before that Fannie Mae and Freddy Mac, and more! Believe it or not….including an earlier auto industry bailout.
But now they want to give $23 billion more to the automakers.
And this is again beyond the $700 billion (plus the trillians projected for that) for the banking cartel’s bailout.
And the auto makers that apparently will just keep doing many of the bad business practices that put them where they are today. And could still quite likely go bankrupt at a later date after they riffle through the bailout funds provided by our taxpayer dollars! Oh, and what about AIG’s bailout rework to get even more money?
Do you think we should continue to bailout every company that cries ‘we’re falling and we can’t get up … at least not by ourselves” routine?
All these bailouts are simply prolonging the inevitable. Eventually, we will have to deal with the reasons for this collapse and the longer we put it off, I really believe it will only get worse and take even more down with it.
There are still some people that really think that bailing out the ‘wealthy’ will work? They really need to get their head out of the sand and get a reality check. This country has never bailed out those that REALLY needed it, so what makes people think bailing out the ‘wealthy’ who were bad managers will work, eh? Oh, and rewarding them by taking money from those that did do well, or at least didn’t go bankrupt, and likely doing things right — by taking their money to give to those who failed miserably so they can continue to fail miserably at our expense!?
Besides does anyone think the auto industry will do any better this time around with yet another band aid fix? They are not fixing what’s wrong, they just want more money to throw at the symptoms instead of taking care of the real problem.
Check out CampaignForLiberty.com for more information and the following videos of Ron Paul on Neil Cavuto: An anthology – dealing with these bailouts.
I have some words for you from our Founding Fathers regarding ‘redistribution of wealth:’
“When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin
This is a really sad time in our country which began when they instituted The Fed and Income Tax in 1913. Isn’t it amazing that less than 100 years after the institution of these two things (The Fed and Income Tax) a major collapse has happened .. yet again. And would have happened sooner and not quite so big if ‘natural’ corrections had been allowed to occur. And they have been trying to say that The Fed was NOT responsible for ‘recovering’ from the last Depression. What a load of horse hockey.
Read your history and pay close attention to the dates of things. And don’t go by today’s numbers in the stock market. Even during the Great Depression, there were ups and downs. And even Bernanke in a speech that is well documented admitted that The Fed caused the Great Depression and that was back in 2002!
Also check out some of the articles at Mises.org on Austrian Economics. Here’s a good place to start, “The New Deal and the Great Duration.”
Who makes out during these times – you know the Great Depressions, major recessions, and collapses? Just ask yourself that. Because there were those who did/do just fine … many of these actually made out/are making out pretty darn well.
And if you are wondering why we shouldn’t be giving away our children’s and grand children’s future …
In “What Goes Up”, I discussed the law of booms and busts. A big boom with easy credit leads to a big bust.
The question is, given the boom we had between 2001-2007, how bad a bust might we have?
Well, in the greatest financial crash of all time – the crash of the 1340s in Italy, which brought on a new dark Age – real estate prices fell by 50 percent by 1349 in Florence when boom became bust.
How does that compare to 2001-2007? The price of Southern California homes is already down 41%, Southern California hasn’t fallen as fast as some other areas, and we’re nowhere near the bottom of the market.
Moreover, the bubble was not confined to the U.S. There was a worldwide bubble in real estate.
Indeed, the Economist magazine wrote in 2005 that the worldwide boom in residential real estate prices in this decade was “the biggest bubble in history“. The Economist noted that – at that time – the total value of residential property in developed countries rose by more than $30 trillion, to $70 trillion, over the past five years – an increase equal to the combined GDPs of those nations.
Housing bubbles are now bursting in China, France, Spain, Ireland, the United Kingdom, Eastern Europe, and many other regions.
Much more in the article.
EDIT: Added How Bad Can it Get? from George Washignton’s Blog?