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The Bailout-One more step down the path of socialism

Have you read any of the Senate Bill (H.R. 1424)?  I could barely get through the Title and Purpose statement without wanting to throw something at the computer screen.  Here, read this:


 The purposes of this Act are—

 (1) To immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and 

(2) To ensure that such authority and such facilities are used in a manner that—  

      (A) protects home values, college funds, retirement accounts, and life savings;    (B) preserves homeownership and promotes jobs and economic growth;   (C) maximizes overall returns to the taxpayers of the United States; and (D) provides public accountability for the exercise of such authority.

Why do we want to give this kind of authority to an appointed government official?  Why should ‘We The People’ even be considering a rescue package designed by the very knuckleheads who got us in this dilemma in the first place?  When are we going to start throwing the tea in the harbor?  This government is awash in power and corruption, and it needs to stop.  Seriously, do you really want the government in the business of securing your home values and college/retirement funds?  Why do you have any reason to think they will stop there? 

As I read the bill, I see enough generalities that would set the Secretary of the Treasury up to abuse his authority within a week of the passage of the bill.  The only oversight that will ‘ensure home values, preserve homeownership, maximize returns, blah, blah, blah will come from the SENATE OVERSIGHT Committee.  We all know how that worked.  Just go back to the Fannie and Freddie disaster.  Check this out:


With the exception of section 131, nothing in this Act may be construed to limit the authority of the Secretary or the Board under any other provision of law.


Finally, the bill is wrapped in a bunch of other fluff and pork that was necessary to attract those members of Congress who didn’t vote yea the first time around.  I can’t imagine how much this whole thing is going to cost when it’s all said and done. 


It’s time for very short term limits and less government.  NOW!

3 Responses

  1. […] Have you read any of the Senate Bill (HR 1424)? I could barely get through the Title and Purpose statement without wanting to throw something at the computer screen. Here, read this: SEC. 2. PURPOSES. The purposes of this Act are— (1) …[Continue Reading] […]

  2. I’m normall a big FOX news fan but they’re pulling an MSNBC. ****There is no guarantee or provision in the bailout to force the firms to use the funds they receive to extend credit to the US economy! *****Fox News won’t cover this subject. Ask them why at: yourcomments@foxnews.com We have to defeat this disastrous legislation. Check my site SandySays1.wordpress.com
    for some tools to fight it.

  3. At least a bailout should help my struggling 401K, right? Oh wait. Bush just signed it into law about an hour ago and the Dow is now down 19 points. Tell me again what my $700 billion just bought?

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