Good Morning Bloggers - I've said it before and I'll say it again, the Bush Administration is pulling off one of the greatest heists in history disguised as a financial crisis bailout.
The Washington Post this morning is reporting that in the "six weeks since lawmakers approved the Treasury's massive bailout of financial firms, the government has poured money into the country's largest banks, recruited smaller banks into the program and repeatedly widened its scope to cover yet other types of businesses, from insurers to consumer lenders."
Incredibly, the Post is reporting that the lets-destroy-America-at-any-cost Bush administration has committed $290 billion of the $700 billion rescue package while paying little to no attention to the money's initial purpose - helping increase credit for small business and average Americans. According to most economists who wrote about Secretary Paulson's news conference yesterday, they are spending the money in ways that will NOT HELP middle-class Americans.
There are reports that Congress is getting very angry about it too. Even the House GOP is angry. That should scare some of you Republican readers. GOP House Leader Boehner is calling for immediate disclosure. I wonder if the Bush Administration is going to comply. I doubt it seriously. They're too busy investing in their family and friends to make sure their personal investments don't go too far south.
There is a Congressional Report required of Paulson, which shockingly hasn't showed up and the deadline has passed. "It's a mess," said Eric M. Thorson, the Treasury Department's inspector general, who has been working to oversee the bailout program until the newly created position of special inspector general is filled. "I don't think anyone understands right now how we're going to do proper oversight of this thing."
There are estimates that the Bush Administration has given away or loaned as much as $5 TRILLION of our money so far. If it's true, and the money hasn't gone towards reviving the economy to help most Americans, then we really are looking at one of the greatest financial heists and political debacles in our history, perhaps in world history.
There is also news - reported on few news programs except for my favorite The Rachel Maddow Show - that the Treasury Department eliminated a VERY IMPORTANT tax rule a few weeks ago WITHOUT CONSULTING CONGRESS. It could turn out to be illegal, but the rule prevented companies from investing in bad assets to avoid paying income tax. It was considered tax fraud.
Once released from the rule, companies made "stand-by" investments eliminating billions in federal tax debt overnight. The Bush Administration is allowing large companies to STEAL BILLIONS owed to the people of the United States. As I keep saying, this is one of the most corrupt and immoral administrations in American history.
I seriously CHALLENGE any of you Republicans reading this to defend their actions. Don't try and claim that taxes are wrong. That argument won't fly here. For most Americans, these actions look like fraud and theft.
In my personal opinion, the Bush crime syndicate orchestrated this whole financial crisis at the end of their last term to do exactly what they're doing. This HEIST has been planned all along. THEY ARE CRIMINALS! You Republicans should be angry too, because they seriously hurt your party - not to mention your wallets.
I do want to rave more than rant now that the election is over, but this is just too important to ignore. We need to stop theses thieves from robbing us blind. CONGRESS NEEDS TO DO MORE! I hope Barack Obama can do something to repair the incredible damage done.
Thursday's ANGRY Political RANT #1 - Michael