After careful consideration, we think we’ve figured out a bailout plan that would get America’s economy going again. It may not be politically-correct, but based on the way things are going in Washington, D.C. right now, it’s hard to argue it wouldn’t be an improvement.
To recap briefly, America’s government (which was already running a $10.6 trillion debt) has decided it must bail out Wall Street … or rather bail out decades worth of irresponsible, federally-mandated lending practices … to the tune of $700 billion.
And not only are “Republicans” going along with it, the top financial official of the Bush administration actually got down on one knee and begged Democratic Speaker Nancy Pelosi not to walk away from this unprecedented bipartisan betrayal.
A handful of fiscal conservatives (including U.S. Sen. Jim DeMint and Rep. Gresham Barrett) are standing firm against the insanity, but sadly they are among the few with the testicular fortitude to do so.
In all fairness to the Bush administration, they did at least try and do something to remedy this specific problem five years ago, only to be rejected by the same Democrats now blistering his lack of leadership (more on that here).
But Bush’s failure to reign in excess GOP government spending over the past few years is also a major contributing factor to the dilemma that’s now staring us in the face, as has been noted in the past by no less than Alan Greenspan.
Bottom line, these politicians have had dozens of opportunities to avoid our present disaster and have failed to do so at every turn.
Trusting them to get us out of it now (with $700 billion of your money) is like trusting the inmates to run the institution.
Of course, as far as fiscal responsibility is concerned, that’s been the M.O. up in Washington for as long as anyone can remember …