Just when I thought President Bush could not piss any more of our tax dollars away, now his Administration has provided $85 billion to bailout insurance giant AIG.
This latest bailout comes on the heels of $50 billion of our tax dollars pumped into the market to ease the credit crunch.
As each week passes, President Bush and his Administration is handing our tax dollars over to the same companies that sold, managed, and insured sub-prime mortgages. What the President is doing is rewarding the failure of these companies and the damage they caused to many families across this nation.
At what point will this President stop wasting our money? Between the Iraq War, and the bailouts, President Bush is pushing close to a trillion dollars in wasted spending! Any other President would have been tossed out of office, but none of the politicians we elected are prepared to do the job we elected them to do. And that job is to represent the people.
If President Bush is going to bail anyone out, it should be the victims - the citizens that were duped into these high cost loans. That would have done a few things. First, it would have helped families keep a roof over their head. Second, it would have stabilized home values. And finally it would have helped the overall economy.
What President Bush is doing is nothing short of a band-aid fix. The reason why these banks and insurance companies are going belly up is because people are losing their life’s possessions and can’t afford to pay their mortgages. There is a lack of jobs, high costs of health insurance, and energy expenses that have eroded each citizen’s purchasing power. President Bush has ignored the causes of the economic problems in this country and has chosen to throw billions of dollars at the result of the problems. This is yet another failure feather George W. Bush can put in his hat.
It is going to take many years to recover from the financial impact of the bailouts and the Iraq War. And this money will need to be replenished at a time when Social Security and Medicare are going broke. This country is going downhill at full speed, and nobody has their hands on the wheel or foot on the brake. And most taxpayers seem to have their heads in their asses and could care less. Shame on those people!
Many citizens of this country can’t afford to pay their bills, let alone repay all this debt. It’s time that Congress stepped in and demanded a halt to these bailouts. This is the people’s money, and it should be spent on helping the people - not those that have screwed citizens.