I had doubts last week and those doubts keep getting bigger...and bigger. First of all, the White House Press Secretary says during a presser (so this is on tape), that the bailout proposal has been in the works "for months". "Months"?! I know, for fact, there are several whistleblowers who have been crying out for regulation and telling us all to wake up about the lack of regulations for months.
Sure hope those folks are being protected from this scheming group of wolves we call the Bush Administration. Actually, scratch that...it's not even the Cheney Administration. More like the EXXON/Goldman Sachs Administration <---since those bozos are actually running the show...er, this country. First of all, Treasury Secretary Paulson is a former CEO of Goldman Sachs. He stepped down as CEO and became our Treasury Secretary in 2006.
I don't trust the bastid. Not even with $50, let alone $700-billion; which he would be the SOLE PERSON overseeing what happens with per terms in the bailout proposal. Just him. One guy. No Congress. No congressional committee oversight. Him. Alone. With $700-billion. I'm sorry, but that's like asking the arsonist who started the fire in your kitchen to put out that fire. Yeah, just. like. that.
And why $700-billion. Why all of a sudden (since this proposal has been in the works for months, remember?), there's that amount needed? Why not say, $70-billion to see where it takes us. Especially within light of the FBI investigating fraud in Fannie Mae/Freddie Mac/AIG/Lehman Brothers - you know, some of the primary characters getting OUR money in this bailout. And Lehman Brothers are still giving 10,000 of their employees BONUSES. WTF?!
To be sure, there are questions: 1)Why $700-billion? 2)Why now? When the bailout proposal has taken months to conjure AND (and this is a big AND), when the Bush Cabal is ready to leave office in oh, a few short months? 3)What about the tax payer? 4)Why just Paulson taking care of the $$? 5)Do all those Wall Street fatcats getting more free $$ for fucking up big time, get to keep their homes, yachts and fancy cars? 6)Can we now start regulating? You know, to protect Main Street from other fuck ups?
To read up on this shite, go to the following joints:
* A timeline (from 1913 to the present) - Mother Jones: Where Credit is Due Timeline
* Terrific write up of how we got here by Devilstower at dKos: Three Times is Enemy Action.
And remember kidlets, a very big difference between Republicans and Democrats: One party doesn't believe in government regulations; especially on big business (that would be Republicans), while the other believes that's the government's big duty to the people, regulate so shit like this doesn't happen (that would be Democrats).
Big business/industry has been operating with no oversight and regulations; basically writing it's own legislation for 8-years and the process began 12-years ago when Republicans took over Congress (from 1994 to 2006). Just remember; especially on November 4.
ETA: Gotta add a most recent posting over at dKos.
Slow This Train Down (about the now 26 investigations being performed by the FBI on the very companies listed in the bailout)