Monday, September 22, 2008

You just loaned the federal government $2165 for the bailout package.

G.W. Bush and his administration have in 8 years taken us from a budget surplus at the conclusion of Bill Clintons' term to a multi-TRILLION dollar budget deficit. How exactly did this occur? Well, everyone knows about the Iraq costs- $400 million PER DAY for six years now. Added to this fracas is the recently publicized $700 billion bailout package. The crux of the matter with the mortgage meltdown, which started this entire crises, is that it was entirely engineered by the Bush administration. While they probably didn't set out to destroy this country's economy their repealing of bank legislation and regulation set the stage for everyone to jump on the subprime bandwagon and write the most ludacrious loans imaginable then package them and sell them to Bear Stearns, Goldman Sachs, Freddie Mac, Fannie Mae etc. Many of these loan packages had bond insurance underwritten by AIG-another $85 billion bailout. In a capitalistic system, greed left unchecked will inevitably eat itself and that is exactly what was allowed to happen under Bush's horrid regime, just like it was allowed to happen under Reagan with the SnL crashes. That recovery will look like a drop in the bucket compared to the nightmare of this $700 BILLION disaster. That is $2165 in debt from every man, woman and child in this country. Even Sarah Palin's newest illegitimate family addition will be on the hook for this. Maybe she can pay in Moose hides.

In all seriousness, the U.S. is perfectly enginering it's own demise, and quickly. I for one am disgusted by it all.

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