Tax Dollars To Bail Out Foreign Banks?

11:32 am EST September 21st, 2008 | News | 6 Comments

This bailout plan just seems worse and worse. Why in God’s name would we spend American tax dollars to prop up foreign banks? It’s bad enough that we’re going to be operating as sugar daddy for multimillion dollar corporations who have proven they don’t know how to do business, but at least the idea that we’re helping American companies makes some kind of sense.

This deal is just bad, all around, and the way the administration is pushing it smells just as bad as the Patriot Act did – but even worse.

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6 Responses to “Tax Dollars To Bail Out Foreign Banks?”

  1. LiveFreeOrDie08 says:
    September 21, 2008 at 12:31 pm

    The Reptiles didn’t know WHEN this meltdown was gonna happen, but they damn well knew it was GOING to happen…cause I KNEW it was gonna happen. It’s not that difficult to understand that a confidence game depends on a plausible foundation. When the system is leveraged 30x to a dollar, and all the baseline dollars are bad debts (see foreclosure crisis)… do the math $0 x 30 = ?

    There’s no money out there. Never was. Wall Street allowed investors to borrow heavily on their portfolios, and anyone that bought an sold quickly made a killing in “real money” on the trade, but anyone holding the paper when the music stopped is screwed.

    So, back to the Reptiles. They’re now employing the “SHOCK DOCTRINE” (ask Palin about that one…I’m sure she can fill you in) to restart the music just long enough to push all the paper out of the private sector and into government debt. They’re all over the press this weekend saying “THE SKY IS FALLING!!” and we don’t have time to analyze things because it’s just all going to collapse so quickly.

    Sound familiar? “Can’t wait to find the evidence comes in the form of a mushroom cloud” – ring any bells.

    I’m not buying this time. Literally.

  2. durablend says:
    September 21, 2008 at 1:56 pm

    Come on Oliver…you weren’t planning to use that money in your bank account(s) anyway, right? Give it to Paulson…he’ll take good care of it!

  3. fafaroo says:
    September 21, 2008 at 2:02 pm

    “Sound familiar? “Can’t wait to find the evidence comes in the form of a mushroom cloud” – ring any bells.”

    Another thing that sounds familiar is giving a single department head complete and unfettered authority to disperse billions of dollars as he sees fit. Can you say Paul Bremer and the Iraq provisional Authority?

    Does anyone really think this bailout will be any different, that billions of dollars won’t just slip down the rabbit hole totally unaccounted for, just because it’s being dispersed to American companies? If anyone believes that, they haven’t been paying attention for the last 8 years.

    No one in government should have that kind of unchecked power and that goes double for anyone in the Bush administration.

  4. C.S.Strowbridge says:
    September 21, 2008 at 4:31 pm

    Maybe I can declare myself to be a foriegn bank and collect some money. All I will need is a few deposits. How about it, guys? You know I’m good for it. I wouldn’t spend it all on beer and Japanese porn.

  5. essrog says:
    September 21, 2008 at 10:12 pm

    Country First?

  6. PTT says:
    October 2, 2008 at 9:08 am

    Hello, I posted a blog entry analyzing the language in the Bill that gives Paulson authority to spend billions to buy foreign banks and foreign governments’ bad debt.

    http://photontorpedotube.blogspot.com/2008/10/senate-passes-emergency-bill-bailing.html