The upcoming bailout plan sucks, worries experts

It was difficult for President Bush to raid the  National  Treasury that existed in 2001. He needed to invade Iraq to make that happen. Now to raid the future tax receipts of the Treasury, he needs Congressional help. From the beginning his secret  mission has been to move money from taxpayers to corporations and to wealthy people.

The first task was to move more money to defense-related industries:Mission Accomplished.

The second task was to move money to faith-based charities: Mission Accomplished.

The third task was to move more money to wealthy people thru tax relief: Mission Partially Accomplished.

The fourth task was to increase the profits to oil companies. Mission accomplished. 

The fifth task is to absorb housing’s bad debt and save stockholder value in financial services companies. Mission Underway.

Some very smart economists think the bail out plan is only to save the financial sevices stockholder at the expense of the American taxpayer. (Do tell. I wonder how they got that idea?)

You can read Krugman HERE. He doesn’t like it.

You can read the Economist’s View HERE. He doesn’t like it either.

And Univ of Chicago’s Luigi Zingales takes the time to explain why the Paulson Plan to bail out the financial services companies is a bad idea. Read it HERE.

And I say: What the heck are we doing listening to a President who has doubled the National Debt and siphoned the wealth of America into the personal coffers of America’s richest people? Are we nuts?

Congress is insane. Pelosi is irrational and irrelevant as Speaker of the House and leader of the people. Congress needs to pass some new regulation but bailing out America’s best financial minds is just plain silly. 

This debacle is being papered over instead of being expunged. Blame Congress for the failure and vote against all Republicans and Democrats. Vote for Independents wherever you can.   

Let failing companies fail. That’s the American Way.