Thursday, December 11, 2008

Bailout Double Standards

Have you noticed the intense scrutiny the automakers are under by the government just to get 14B from the bailout fund? I recently heard that only 350B of the 700B bailout fund is left. That means 400B has already been given to the banks by Hank Paulson, Treasure Secretary. Who sets the rules as to which bank is or is not eligible for the money? Hank Paulson. Goldman Sachs had roughly 20B in equity in AIG (who received 120B), and could be up to as much as 40B. Goldman Sachs was already bailed out with 3B dollars in 2007. Who was CEO of Goldman Sachs? Hank Paulson. Lehman Brothers, equally in the tank and competitor of Goldman Sachs, was refused any bailout cash. By Who? Hank Paulson.

So why is it that it is so easy to dole out 400B to Paulson's Friends with zero oversight, yet it is such a chore for the automakers to get 14B and with every company under a microscope? I was against this from the start. Already we can see the palm-greasing and kick-backing. The biggest fraud in history, and we get to pay for it.

Just to give some perspective, in 2003 we invaded a country, destroyed its infrastructure, replaced its government and rebuilt what we destroyed and then some. All with the most advanced military in the world. (Technology costs money, people) Cost: 610B dollars. 400B has already been given to the banks and what have we to show for it? The dems railed against Bush for fiscal irresponsibility for the war. Yet we have spent two-thirds in two months what the war has cost us in almost six years. And they want to spend more! Harry Reid said that the American people need someone to look out for them with the spending in Iraq Now it seems the only ones looking out for us is the GOP. Who's being irresponsible now? At least we have a democratic Iraq to show for our efforts.

2 comments:

Mberenis said...
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Unitas said...

My blog is not a bulletin board for ads.