Federal Bailout? I’m Absolutely Opposed To It!
Good thing I wasn’t drinking my coffee this morning when I was reading an article on the Huffington Post about the $700 billion federal bail out. I’m not sure what would have made me ill first: the clause in the bill that had me questioning the bail out 
provisions, as in above court reproach, or that I finally found an area of commonality with HuffPo. Scary stuff!
Regardless, I think the proposed bail out smells and I’m blaming the Bush Administration, members of Congress, and various other government appointees with trying to pull a fast one on American taxpayers.
Check Out Section 8
Specific to my angst is a thirty-two word sentence that has gotten me and tens of thousands of other people steamed:
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Right. Taxpayers are going to give the federal government the right to do as they please with our money and without any accountability. Talk about a power grab!
Politicians Hope That We’re Not Paying Attention
And, you’re hearing this from someone who is a conservative, a person who doesn’t buy into so many of the conspiracy theories that have been hatched by the left over the past seven years. Frankly, I’m tired of people blaming Bush alone for our country’s problems when it is clear that both Republicans and Democrats have been asleep at the switch. Divide and conquer us and they’ll be able to pass *anything* while we bicker…our future is on the line! What a bunch of self serving elitists.
Now, I could have simply posted this article, told a few friends, and left it at that. Instead, I called up my local house representative, Brad Miller, and left a message with his office that I’m against the bail out. I didn’t mention that I’m against certain provisions, rather I’m against the entire thing.
And why is that? Well, if you’ve mismanaged your business then you and your shareholders should take responsibility for what you’ve done. When I learn that every man, woman, and child’s share of this new burden is $5000 a piece, you better believe that I want to have some say in how (or if) these funds (taxes) are to be used.
Call Your Congressional Representative
If you want to voice your opinion about the goings on with the bail out, why not call your congressional representative and give him/her a piece of your mind? I was polite and simply gave my name when asked, but I made it clear that I opposed the bail out. The entire call took less than two minutes and I was back at my keyboard in a flash.
A lot of people aren’t sure who their representative is, but you can find that information out by filling out this form which will take you to your congressman’s site.
Do it today!
Further Reading
Bernanke and Paulson: Congress must move now (Associated Press)
Cheney, Paulson Head to Hill to Soothe Lawmakers on Bailout (FoxNews)
Text of Draft Proposal for Bailout Plan (The New York Times)
Volatile Markets Pressure US Lawmakers on Emergency Financial Plan
Photo Credit: Michael Slonecker
Filed under: Affero
15 Responses to “Federal Bailout? I’m Absolutely Opposed To It!”
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Some times it is much easier when you know whom you are facing. This country becoming a communist state (and maybe worse) under the cover of democracy.
I hope that tax payers will finally have enough of this bs and vote these politicians out.
I am heading to the form to write to my congressman. Thanks Matt!
I personally agree with bailing these companies out, if we don’t we might fall into recession even worse. I think it needs to be included more regulation though in the bill. All of these companies were like, “We don’t want regulation, we are fine” Now they are like, “Give us money but we still don’t want regulation we blame everybody but us.” pisses me off.
Thanks for your comment, Scott. Unlike some reports being aired, regulations have long been in place, but they weren’t always enforced. That is the key –enforcement, otherwise having more laws on the books won’t help.
We’ll be going into a recession regardless as each man, woman, and child will be responsible for thousands of dollars in debt. I’m certain that some form of the bill will pass, but I don’t want anyone to receive authorization to do as they please with the money.
I have a strong feeling that they’ll come back to us a few months down the line with their hands held out too!
This is one of the very rare occasions when I agree with the Democrats. This is a disaster as it is written. I think we would be better off to let wall street fall on it’s face than to give ANY government agency unlimited authority to blow the taxpayers money. There have to be controlls and accountability.
I think there needs to be a law that says no executive in any corperation can be paid any bonus unless that corperation earns a substancial profit. Golden parachutes should be illigal too.
This mess will not be fixed as long as greed is allowed to control business in this country.
Old Shakey,
A lot of people are mad but there are politicians on both sides of the aisle who want this thing to go through. Sure, they’re calling for oversight, but some are also trying to attach additional measures to help keep these people in their homes.
I’m sorry, but I pay my bills on time and work my butt off. If you can’t afford to own a home, then exit the market. These people are better off renting as they’ll have to dish out thousands down the road to maintain their homes.
I see this pork mushrooming well past one trillion dollars in the near future, perhaps a multi-trillion dollar bail out or new government program when all is said and done.
Welcome to socialism, comrade!
Best,
Matt
I’m tired of people blaming homeowners. Do sleezy manipulatory business practices, stagnant wages, skyrocketing health care costs, skyrocketing tuition costs, and skyrocketing energy costs have absolutely NOTHING to do with it?
Recessions are bound to happen and we need to stop trying to prevent them, we live in a capitalistic system where recessions are just part of the ebb and flow of the system.
However, you can’t go around blaming the homeowners nor can we sit back and let people’s entire life savings and investments go down the drain. Wanting that to happen over a recession is not right! And downright cruel, sickening, and disturbing.
All 5 banks that went down hold half of all investments. Just because you want to hold on to your (not working!!) free market principles, we want to spite 150 million people? Come on.
It’s not just the bailout that will cost the taxpayer. What will it cost taxpayers if the entire system collapses?
Deregulation lead to such greed because people relied on other peoples money to make their money.
I’m not saying that all homeowners in trouble should be lumped together, but your 150 million number is grossly exaggerated.
There are people who have lost their homes because they should never have purchased a home in the first place. They were renters without the means (20 percent down payment, closing costs, etc.) to buy a home and were convinced otherwise.
There is a segment of the housing market which can probably be helped, but only if these people have the means to keep paying a mortgage, property taxes, home upkeep, etc.
What I would like to see done is have the companies (and executives) who were behind the current financial crisis held responsible. As a taxpayer, I’m am being forced to intervene and prop up what was obviously a very flawed system of financing unqualified people and then propping up mortgage backed securities.
Just wait, the $700 billion figure will mushroom, saddling us with trillions of dollars of additional debt.
Either way, we’re going into a deep recession, government bail outs or not.
Everyone is against it except for those getting bailed out.
Solicitor, I agree. When you’re not being held accountable for your mistakes, you’ll take every hand out you can get. I hope this plan is defeated.
I am absolutely opposed to the bailout, too. Further, I want the US government to get out and stay out of the redemption business. If we all lose more money, so be it.
Think of reform like a broken leg that was set wrong. A doctor rebreaks it so it will heal properly. That’s what we need, not a bailout that will cause cancer amongst the masses in the long run. I don’t want my legacy to be that I left my children and grandchildren in debt.
Well said, Tom.
Since we’re already at the place where the bail out has taken place, I want those who got us into this mess indicted. That would include politicians, bureaucrats, the heads of Fannie Mae, Freddie Mac, AIG, etc.
Plus, I don’t want anyone to benefit from the bail out over and beyond their salary and reasonable bonus. I get disgusted when I hear that businesses, like AIG, pay for an expensive junket to give their executives a vacation — that’s our money they are spending!