Six or Half a Dozen?

by: New Low Observer

As I demonstrated in my October 2008 article and was later confirmed by BloombergMarkets magazine in their Jan. 2009 issue, the old administration (Republicans) had doled out at least $8.5 trillion in support of the financial markets. Of this amount, only $700 billion was put before Congress for a vote which was rejected the first time (as it should have been) then rejiggered and forced down our throats the second time.

Now, the minority party (republicans) in congress wants to stand opposed to the very thing that the old administration (Republican) vehemently said was needed in order to save the economy. The current Democratic administration is doing everything the old administration espoused (the opposite of change) by using fear tactics and is getting no love from the same Republicans who supported the first bailout package back in October of 2008.

What really grinds my gears is the fact that $7.8 trillion never went up for a vote and now the Republicans are saying that Obama's $900 billion is going to bankrupt this country. Where were the critics when the $7.8 trillion was going down the drain? Don't misunderstand me, I think that the only money that should have been provided was by the FDIC for bank failures. I knew the bailout was a scam when only $73 billion of the $8.5 trillion was used for FDIC insured institutions. Now there are no bullets left for the very things that were supposed to be government insured.

These politicians, both Republican and Democrat, are gaming the system and the citizenry. Why are we allowing this, because if we don't then, "the whole financial system would collapse." As I showed on October 2008, the $1.8 trillion that was spent didn't stop Wachovia (NASDAQ:WB), Lehman Brothers (OTC:LEHMQ), AIG, Freddie Mac, Fannie Mae, IndyMac (OTCPK:IDMCQ), Washington Mutual (NYSE:WM), Merrill Lynch (MER), Bear Stearns and a whole host of other institutions from collapse. After the $1.8 trillion, an additional $6.7 trillion was thrown into the fire to no avail. Historically, bailouts don't work and now we're being gamed right and left.

Don't worry though, if the economy recovers within the Obama administration's first term the three card monty operators, Republicans and Democrats, will claim that they are responsible for the outcome. All the while they will be bankrupting our country.