Bailout Bill Stinks

Oh how our Congress people, House and Senate, held their noses to sign the new bailout bill which was suddenly more appealing because it included an additional $110,000,000,000 in what are essentially earmarks. So, the last great act of George Bush’s Presidency, which has been characterized by reckless and excessive government spending, is to alleviate the credit crisis by enacting the largest most reckless government spending bill with the purpose of bailing out Wall street in the name of saving Main street. The House and the Senate drank it, swallowed it and made it better by increasing the monetary size of it. I’m glad they got that straight…not!

Democrats and Republicans should be ashamed at their own shortsightedness that all they could do to solve the credit crisis was to take the one and only $700,000,000,000 offer from the Bush Administration, courtesy of appointees Paulson and Bernanke, and make it even more egregious than it already was. After the House bill was soundly defeated on Monday, not one solitary Congressperson or Senator could offer another approach that would achieve the same end without selling the taxpayer a bridge to nowhere? The best they could do was take the same bill, triple the number of pages and to take a phrase from Ted Stevens, almost but not totally disgraced Senator from Alaska who was head of the transportation committee when he resigned, “stuff that bill like a turkey.”

In the interim between Monday’s failure and Friday’s begrudging acceptance of this disastrous piece of legislation, the Federal Reserve pumped hundreds of billions more into the monetary system so in essence we, the taxpayer, spent more than $1,000,000,000,000 this week on the premise that we had to do something. There is a difference between needing a solution and accepting a bad solution out of sheer ineptitude. If I were Barack Obama I would abandon this race and let McCain win. He might have to repeat his “thing with Hilary” but I would let the Republicans take George Bush’s mess and go down with that ship. After all the expenditure and economic disaster yet to come, I say, let them have it.