“A regulator overseeing the government’s $700 billion bailout testified Thursday that the Treasury Department paid $254 billion for $176 billion of assets — an overpayment of $76 billion.” (Source: New York Times, Feb 5, 2009)
An overpayment of $76 Billion. Bailouts American Style. They hired the regulator after they gave away the money. You know, closing the barn door after the horse took off.
Sadly, I’ve officially lost all faith in government. As the new President, Senate and House leadership scream “Hurry up we have to pass this stimulus bill or the sky will fall,” we get positive proof, that haste indeed makes waste.
Last fall we were told the same thing. The bailout had to be passed immediately if not sooner. Congress caved and we paid. Actually we overpaid.
STOP, STOP, STOP, STOP with the B.S.!!
Chew on that number again. $76 Billion. Check your last pay stub. We’re paying for it. One paycheck at a time for a very long time. You have no other use for the money do you? My gloom and doom is non-partisan by the way. Republicans and Democrats alike are running the ship of state aground, when what’s really needed is statesmanship.
Welcome to the USS Titanic. There’s a financial iceberg dead ahead and the crew says “Full speed ahead.”
Last fall’s $700 Billion bailout is relative chump change as the current “Stimulus” bill is closing in on $1 Trillion. The difference between “B” and “T” is a whole bunch of zeros. Word also comes this week that our government will need to borrow another $2 Trillion to pay the bills for 2009.
So how do they raise that money? Foreign governments, many of whom have little regard for us, our ideals and our society are buying up that debt. While our government overpays, they’re buying our debt for pennies on the dollar.
They’re going to want it back. Imagine the Chinese Government foreclosing on the White House. Maybe Dubai putting padlocks on the Capitol.
Folks, we’re heading for financial Armageddon and I want to be on record saying so. But it’s not too late to slam on the brakes. There’s only one way to do so. Contact your elected representatives and tell them to “Just say no.” If you phone, yell. If you e-mail, type it in all caps. Call radio talk shows. Write the Editor if you’re lucky enough to still have a newspaper. Blog loud and blog proud.
If millions raise a big enough ruckus, Government just might listen to reason. The key word being “might.” Give it a shot anyways.
I’ve got some phone calls to make, e-mails to send and this blog to post. Are you with me?
John W. Scherer
John is CEO and Founder of Video Professor,
Inc.Reach him at email@example.com