The taxpayer bailout will equal
at least $1 trillion... a figure that this country unarguably cannot do without creating worse havoc than without it. The bailout is up to $500bn right now - it will at LEAST top $1.5 tn
Folks this is socialism to a scale that is BEYOND Hugo Chavez when he took over the oil industries.
America is no longer resembling a Representative Democracy, it is becoming a socialist state...for NO other style of Gov't would take this kind of tax dollars and bail out an ENTIRE industry, an industry that is the bigger part of our entire economy.
Argue with that.
Quote:
The U.S. government is considering creating a permanent federal agency that would provide liquidity for banks struggling to sell their distressed debt.
"Republicans in the Congress feel like we could have had and should have had more information sooner," said House Minority Whip Roy Blunt of Missouri.
"Once again the Fed has put the taxpayers on the hook for billions of dollars to bail out an institution that put greed ahead of responsibility and used their good name to take risky bets that did not pay off," said Sen. Jim Bunning, a Republican from Kentucky.
Bunning has introduced a bill that would strip the Federal Reserve of its authority to use taxpayer dollars to bail out private companies like AIG.
"The only difference between what the Fed did and what Hugo Chavez is doing in Venezuela is Chavez doesn't put taxpayer dollars at risk when he takes over companies. He just takes them," Bunning said.
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