The NO BANKER LEFT BEHIND Act
I've always tried to avoid politics on this blog -- and this is hardly a partisan issue anyway -- but this is the worse thing I've ever seen.
Let us recount what happened the last times the Republicans and Democrats TEAMED UP TO SAVE US. Hmmmm... we got the Patriot Act and the Iraq War. As far as I'm concerned, the NO BANKER LEFT BEHIND ACT, which is being hugely supported by our congress and the mainstream media, is truly horrible. How do you folks like paying for others' mistakes for generations to come?
All Americans should be outraged and vigilant... but I guess there's a lot of t.v. to watch, eh? Go ahead and BELIEVE that this has to be done to save you. (Why you would believe ANYTHING Henry Paulson, George Bush, and Ben Bernanke is beyond my comprehension... remember that "it's all contained"???)
Americans, wake up!! It was only this month that we had the "Mother of all Bailouts" w/ Fannie and Freddie. That's NOTHING compared to this. Think it's only 700 billion dollars at stake? Read the damned thing. It's only 700 billion dollars AT ONE TIME. It's a revolving door of money laundering... where the banks unload their bad debts unto you... the American taxpayers. You and your kids and your grandkids will see tax increases for the rest of your days, and meanwhile the U.S. gov't will have to trim costs (your "entitlements" such as Social Security and Medicare) in order to attempt to make ends meet.
Meanwhile, any punishment for the bankers who made and profited from this mess? Do we even get any regulatory changes? Nope. We are just giving them our money and being told it's in order to save us.
Even more astonishing is the provision in the bill that makes Secretary Paulson's actions immune to our judicial system. No recourse through courts allowed. Think I'm wearing a tin foil hat? Read Section 8 in the NYTimes link below, or read it right here:
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Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
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Hmmm... does this bother you yet? Don't mean to spoil your t.v. watching, but I'm a little bothereds. Here's Karl the Ticker Guy -- he explains it much metter than I:
Now, maybe you are somebody who does care and is wondering what to do? The best -- and only -- thing you can do is call up / email / fax your congressional representatives and tell them this is un-acceptable. I don't expect I'll get anywhere w/ Nancy Pelosi but I try anyway.
Our congress has what... and 8% approval rating? Yet 96% of them return to office. If we ever needed a trend change, this November is the time.
And for those of you who think your 401(k) is being saved by these thieves... I think you are wrong. The market is still going to turn to shit, but WHAT YOU OWE is about to more than double. Speak up now or forever pay is the way I see it.
