Student, Car Debt Quietly Added to Bailout Plan
Posted on September 23, 2008
Jeez! This country very well may be doomed beyond hope! This is not the time to be sneaky, and push even more expenses on the taxpayers. This bailout plan is gonna backfire, especially the more they try to pork it up.
In the dark of night over the weekend when most people were snoozing, the Treasury dramatically expanded its bailout plan to include buying student loans, car loans, credit card debt and any other “troubled” assets held by banks.
The changes, which were included in draft language that also opened the bailout program to foreign banks with extensive loan operations in the United States, potentially added tens of billions of dollars to the cost of the program.
…Sen. Jim DeMint, a South Carolina Republican who announced his opposition to the bailout Monday, said he simply doesn’t believe Mr. Paulson when he says it will solve the market problems.
“His predictions have been consistently wrong in the last year,” he said. “It’s a sad fact, but Americans can no longer trust the economic information they are getting from this administration. … There are much better ways of dealing with this problem than forcing American taxpayers to pay for every asset some investor doesn’t want anymore.”
Hat tip: Pursuing Holiness who adds:
If you can get past that first deplorable “it was a dark and stormy night,” sentence - why not just come right out and call them sneaky?
Welcome to the socialist states of America?
» Filed Under Earmarks, Economy, Government ethics/corruption, Moral Relativism, News, Socialism, Stupidity, Taxes
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I can’t believe this [edited]. I was actually pro-bailout until now. I didn’t like it at all, but I felt it was necessary. But adding student loans and credit card debt etc? HELL NO! Student loan risk is no different from what it ever was, the only thing this should be for is mortgage secured debt that is at risk, and nothing else.
$5 Trillion Cash Pool Needed to Stop Rout, Ohmae Says
Sept. 23 (Bloomberg) — Treasury Secretary Henry Paulson’s $700 billion plan to buy devalued assets from financial companies is “a joke” because it doesn’t go far enough to calm markets, said Kenichi Ohmae, president of Business Breakthrough Inc.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8DIq9yO0vzY
This is yet more evidence why the Congresscritters in Washington cannot be trusted any longer to do what is right for this country.
Congress… 535 reasons to support term limits.
NEVER vote for an incumbent.
When I was a grad student, there wasn’t a single banker STUPID enough to grant me a loan.
So I will be paying off my school loan, paying for it’s amortization, paying for recordkeeping and reinvestment, and paying the wages of the owners of the “company” my debt has been sold to?
No. I quit. Not another penny from me for the rest of my life if this happens.
I’m calling my rep.
Porky the pig is a fat bastard now, the bill
should be posted on the Internet, for all to
see real-time.
Always check the smallest print first, Acorn
get a nice chunk of change from this the bill
in it’s present form.
POSTED ON THE INTERNET REAL-TIME !