The Last Bush Rape of America

Make no doubt about it, George Bush and the policies he has followed have set the American economy up to be raped. He put a tube top on Wall Street, added some stiletto heals to the regulations and set America up to be raped! President Bush was not alone in this set up, he had help from the king of deregulation in the Senate from John McCain. McCain fought hard to deregulate the banking industry and he won. And because he won, $700 Billion dollars is about to head to Wall Street to save all the CEO’s and top executives with golden parachutes as they pack up and leave the mess on your doorstep. The rape is over, the baby is here now and orphaned by the people that created it and left for you to raise. The rape still happened!

Over at Brave New Films they have this speech from Obama on the blank check bailout…

Video Link



American’s need to wake up and face a wrong for what it is. If your child is abused by a stranger do you look the other way because the stranger was from your political party? Start looking at America as your child and you would be surprised how fast people start caring about the blatant abuse in our government. John McCain helped to create this beast and now that beast has plopped a huge bill on your door for more money out of your pockets.

America used to have a huge Conservative movement but they are silent during this crisis! Why? The truth is that the people that were supposed to be their champions just sold them all out. While the President and McCain were playing with our nations banking industry, the executives of those freed institutions ran wild and free till the money ran out. Now it is going to cost every man, woman and child in America $2300 bucks for the poor judgment that Senator McCain and President Bush showed over the past eight years. Having five children in my family, the wife and I own $16,100 dollars of the Bush/McCain error in judgment.

What Wall Street firm should I make the check out too. According to the terms of the Paulson bailout I should just sign the check and mail it to the U.S. Treasury. They’ll fill in the amount and the rest of the details later. By the way, the plan Paulson has proposed has a little feature that makes him, his entire department omnipotent and free from any oversight or court of law on how they spend the $700 Billion dollars. Are you okay with that?

Papamoka

$1 TRILLION Mortgage Bailout

In a very serious effort to save the American economy from outright collapse the federal government wants to write a blank check to all of the good old boys in banking and George W. Bush. Why the hell not? We could put California up on Ebay to pay for it and I bet we might just have a few bucks left over to go to McDonalds for lunch.

What angers me about this whole situation was the deliberate melt down of serious oversight of the financial markets by the federal government. George Bush and the Congress that let him ride for free will go down as the most destructive President to our economy in our nations history! Thanks W!

Over at Politico they have this on the $1 Trillion Dollar bailout…

Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much as $1 trillion could be needed to avoid an imminent meltdown of the U.S. financial system.

Paulson announced plans Friday morning for a "bold approach" that will cost hundreds of billions of dollars. At a news conference at Treasury headquarters, he called for a "temporary asset relief program" to take bad mortgages off the books of the nation's financial institutions. Congressional leaders had left Washington on Friday, but Paulson planned to confer with them over the weekend.

"We're talking hundreds of billions," Paulson told reporters. "This needs to be big enough to make a real difference and get to the heart of the problem." - Politico

Let there be no doubts on this financial disaster, John McCain is not walking away from this bailout squeaky clean. While some Senators were screaming for regulation even two and four years ago, Maverick was pushing for absolutely no regulation from the Federal Government. With John McCain fighting for less oversight he was in fact enabling the people in the financial markets to recklessly loan out money to people that could never afford to pay it back. But McCain still saw no problem with that issue till this week when he flip flopped on the bailouts needed from the Federal Government to save not just a few banks but dozens.

If you look at the facts then you can clearly see who bares responsibility here and it isn’t the SEC Chairman Cox! Going back to March of 2008, not that long ago really, Politico had this to say on Phil Gramm aka the Mavericks Campaign General and finance guru…

The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.

“A regulatory structure set up for banks in the 1930s needed to change because the nature of business had changed,” the Illinois senator running for president said in a New York economic speech. “But by the time [it] was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.”

Gramm’s role in the swift and dramatic recent restructuring of the nation’s investment houses and practices didn’t stop there.

A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm settled in as a vice chairman of UBS’s new investment banking arm.

Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and the Treasury Department about banking and mortgage issues in 2005 and 2006.

During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.

For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. In the past year, UBS has written down more than $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs. - Politico

I just want to be clear on this issue, John McCain is going to reform the banking system and Wall Street by taking advice from one of the people to blame for the crisis? Sorry, not buying that!

Don't stand there telling the people that you are going to clean up this mess when you Senator McCain and your best buddy for life Phil Gramm were more than complacent for this massive and very costly mess. This isn't even funny, how can McCain face the American people and claim total innocence and he knows how to fix it. To late Senator McCain, the damage you have done is now complete.

Papamoka