Other People's Money

I want to make sure I understand this. The government bailed out Bear Sterns at a cost of $29 Billion, took over Fannie May and Freddie Mac at a cost of at least $200 billion, and assumed control of AIG Insurance Co. at a cost of $85 billion. This comes to a total cost to American taxpayers of $314 billion. To do this they are printing money on an overtime basis which in turn will devalue the American dollar further than it already has.

Today (9/18/08) the stock market recovered 400 points of its current loss due to a report that the Federal government may create an entity that will take over banks’ bad debt. No cost has been attached to this yet, but it is going to be huge.

All of this has been done under the guidance, authorization and direction of Sect. of the Treasury Paulson and the Federal Reserve’s chairman Bernanke. Isn’t it wonderful that these two unelected men have the power to put us, the American taxpayer, further into debt without consultation, advice and permission of anyone. Now they are going to have to go to China, Japan, and Middle Eastern oil potentates to borrow more money that will wind up being used to buy more of our country's assets.

Why do we hold elections for a president and congress?