The more that I read about the government bailout, the more disgusted that I become. President Bush is proposing $700 billion to purchase bad mortgage debt from banks. After meeting with lenders, Treasury Secretary Henry Paulson is now amending the proposal to include any bad debt. This means that the government could buy everything from bad mortgages to bad car loans to home equity loans and credit card debt that individuals used to buy vacations, tv's etc and you and I get to pay for it. Actually, when combined with the Freddie/Fannie/Bear Stearns money our children and theirs will get to pay for it.
So who wins? Lending institutions. Specifically, those who took excess risk in order to reap substantial rewards over the past several years. They will pass the effects of their bad decisions on to the American public. The net effect is that the people who played by the rules and lived within their means will have to pay for the homes, cars, and toys of those who did not.
Please take 2 minutes and call your congressional representatives to let them know you are strongly opposed to this legislation. Voting could begin as early as Wednesday. Take action now!
If you need more inspiration, here is a quick look at what CEOs are walking away with
Stanley O'Neal (Merrill Lynch) - $161.5 million
Angelo Mozilo (Countrywide) - $121.5 million
Charles Prince (Citigroup) - $68 million
Richard Fudd (Lehman Brothers) - $22 million
Jimmy Cayne (Bear Sterns) - $61.3 million
Contact your Senators
Contact your Representatives
Erik it really is crazy that some upper level execs walk away with so much and others are left without a retirement. It is a sad state of affairs.
HELLUVA Blog Erik. I couldn't believe what I was reading & hearing on CNN over the last few days. This is so typical of bad politics in Washington. What do you think they'll do with our social security? The whole system is joke if you ask me! It makes me want to throw up!