Wednesday, November 19, 2008

Paulson and Bush Don't Want to Help We the People

With the bailout total at $3.8 trillion and the financial crisis tab totaling $4.28 trillion (according to CNBC) and counting, as this is far from over, it's important to note that most of this "bailout" money is targeted toward the financial sector...the bankers...the part of our economy that does not produce.

"That's $4,284,500,000,000 and more than what was spent on WW II, if adjusted for inflation, based on our computations from a variety of estimates and sources.*"

So, what about the auto industry? Well, some are saying let them go bankrupt and restructure under Chapter 11. However, while the big three undertake an impossible task, more than 2.5 million jobs could be effected - and that's the number estimated if one car company goes under - possibly throwing our economy into a depression.

"Treasury Secretary Henry Paulson can tap the financial industry bailout money to help auto companies, Reid said, but "he just doesn't want to do it." -- Senate Majority Leader Harry Reid, D-Nev
Why is it impossible for the auto industry to restructure under Chapter 11? According to Jeffrey Sachs:
"it would accelerate the collapse of consumer demand and the mass bankruptcy of parts manufacturers. Consumers choose vehicles in part on their expectation of the long-term health of the companies that make them, which they rely on for parts, service and resale values."
It seems more than a little suspicious that President Bush, with only two months left as President, who is no stranger to big spending, and who had little trouble pledging $1 trillion to bail out Wall Street, despite his "free market" rhetoric, has decided not to intervene on behalf of the people.

Under the present Federal Reserve and national banking system, there are no laws that specifically protect the American public's money. Paulson and Bush know this better than anyone.

After Wall St. Rescue, Bush Changes Course on Intervention

2 comments:

Anonymous,  16:59  

The sad thing is Bush will get away with it as will Paulson.

Anonymous,  21:43  

The left-wing will help the people right out of a democracy and right into a communist country.

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