FOR SALE! Florida Swamp Land with a VIEW! Only $700 Billion!
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From my childhood I recall the saying, “If you like that deal I’ve some swamp land in Florida that’s also for sale.” And it begs the question, why anyone spending $700 billion would be a proponent of urgency; the need to rush into a decision.
We should be asking ourselves, why are our leaders in Washington continuing to discuss a $700 billion bailout of lenders, liars and Wall Street executives without first examining the assets we are agreeing to insure and probably eventually to buy? Why aren’t we first examining the quality of those assets? Why aren’t we looking at the borrower on the lending instrument? Are we bailing out speculators, dishonest investors and dishonest lenders?
If there is a credible case for urgency I’ve yet to hear it stated. I have heard the use of a lot of buzz words and phrases that convey the sky might be falling in, but nothing concrete. So ask yourself, what it is you’re buying and why?
“If Bernanke is wrong and the assets aren’t under priced, the Treasury plan could make matters worse. Transparency is key to protecting taxpayers, and that could mean finding out these assets are worth less than the fire-sale price. If that happens, the banks holding them are looking at another massive wave of write-downs, further strains and the possibilities of more failures or bankruptcies.”
All the negotiations of how this bailout should be structured appear to be simply a tactic to distract us from demanding hard answers.
“Sen. McCain "goes to a meeting and all of a sudden, we lose all the Republicans who have been working with us for the last five days," said Rep. Ellen Tauscher, a California Democrat. "This has to be a bipartisan deal. Unfortunately Republicans walked off the field."”
Who are we saving with this $700 billion deal? Not honest people, but those who made stupid investment decisions with buying a dream that never existed. We are bailing out investors who paid too much hoping to sell to the next sucker. And will this solve the “problem”? Not likely, if you ask me this is probably just the beginning. Who will step up next and ask for how much more? And at what point do we say no? Even the Director of the Congressional Budget Office gets it.
“By some estimates, global commercial banks and investment banks may need to raise a minimum of roughly $150 billion more to cover their losses. As of mid-September 2008, cumulative recognized losses stood at about $520 billion, while the institutions had raised $370 billion of additional capital. Restoring solvency to insolvent institutions requires additional capital injections, and one possible source of such capital is the federal government.”
And so as we are continuing to be distracted with rangling over nothing, (because it’s probably worth nothing, or Buffet would be buying it), the raid on the U.S. Treasury moves ahead one more time.
”What if Treasury Secretary Henry Paulson is wrong about home prices, and the market is right? If so, his $700 billion bailout plan may prove ineffective and could lead to losses for taxpayers.”
They named the bill The Troubled Asset Relief Act of 2008. I’m no longer fearing the terrorists, because I’m more afraid of the Congress and the Bush Administration. And if the American taxpayer isn’t smart enough to overtly demonstrate their objections at least be industrious enough to write to your Congressman to object. This has to be the largest most underserved participation trophy ever awarded in the history of America. So I ask you America, are you interested in this Florida property or not?©