Bailout Baloney

The administration through Federal Reserve Chairman Ben Bernanke continues to spout the idea we are heading for trouble if Congress fails to allot $700 billion to rescue the financial industry. In the latest shot across our bow, Bernanke says

reluctant lawmakers Tuesday they risk a recession with higher unemployment and increased home foreclosures unless they act on the Bush administration's $700 billion plan to bail out the financial industry.

Bernanke wants the money with no strings attached put into his hands for distribution. No accountability. No oversight. Only Bernanke or the future Secretary of the Treasury given all control over the spending of massive amounts of borrowed taxpayer dollars. Pure baloney I say.

Paul Krugman said it about right

What possible justification can there be for doing this without acquiring an equity stake?

If we the taxpayers are to support any bailout of any industry we are entitled to fair value for our investment. At the very least we should have serious oversight and accountability in place before any funds are distributed.

Bernanke and others can cry wolf all they wish. This mess is the work of several years of Republican administration efforts to deregulate the financial industries. The failure of these institutions is the end result of greed and massive profit taking at the expense of too many in our nation. We can ill afford to spend another nickel for a bailout without a reasonable chance to recover the money spent.

The administration has held the current bailout plan in reserve for months. Now with the system in danger of full collapse suddenly we must rush to judgment. Baloney I say once again. There is time for adequate investigation before any final bills are passed.

Every member of Congress should be held accountable for their part in today's problems. As a member of the House Financial Services Committee, Congressman Castle is fully responsible for the issues of the day. He voted to extend the Bush tax cuts. Castle voted consistently with the administration on financial bills which affect Americans on a daily basis. He must not be let to get away with his terrible track record in this election year. We must all hold our elected officials accountable for their actions.

Peace.