The Bush Administration rolled out its latest installment in their policy of fear. Good thing they are horrible salesmen. They have tried to convince us that this bailout must happen immediately or the consequences will be felt by the pocketbook of every American and we just may never recover. Well we aren’t buying it. This proposal is being forced through with five weeks until the next election and there is a reason for that. Since Congress shot down the bill, requiring a new draft to be written, the gift of time has been given to the lobbyists for the financial industry. I know the lobbyists must have been working the phones yesterday calling their favorite representatives in Congress, on their day off mind you, persuading them to somehow protect their turf in this new proposal. Politico reporter Chris Franks stated that in the first six months of this year alone lobbyists for the financial companies (credit cards and banks) have spent over $230 million dollars trying to get their voices heard. These institutions are major players and they get listened to. We are talking about $700 billion dollars up for grabs. These institutions want their piece of the pie, are willing to try to persuade anyone to get it, and if successful just may put themselves at the top of the list for a cut of the “winnings.” Does the Countrywide mortgage scandal ring a bell? James A. Johnson, who led mortgage buyer Fannie Mae from 1991 to 1998, received more than $5 million in loans from Countrywide that were arranged outside its ordinary underwriting process. Senator Chris Dodd and Senator Kent Conrad both received special “VIP” treatment from Countrywide, refinancing their homes with special deals from Countrywide that the average American did not have access to.
The race to pass this legislation just may be a last ditch effort by the Bush Administration to take care of their buddies before the holidays. Let’s give the Secretary of the Treasury far reaching and unheard of authority, and a cozy sweater. However; the charge is being presented to us as Armageddon. Similar to the campaign they previously led to create panic in every home in America. When is the last time you checked the “Terrorist Threat Color of the Day” before you went to work? Not once. But the "I Smell B.S. Color of the Day" today is red. Operation Fear worked on us once, you need a new tactic and offensive to overrun us this time.
Do you need bailed out too? Well so do I. If you have "bad assests" that you would like the government to buy from you go to (www.buymyshitpile.com) and put them up for auction.