Who Bought America's Soul?

If insanity is doing the same things over and over again and getting the same results, then America is insane!

Freddie Mac was just "bailed out" to the tune of $17 billion and now they say they need an additional $35, billion! I don't know if anyones looking at the facts but the "Grand Plan" of the geniuses in the government is not working. I'm not an economist, but when I see money being thrown away on bad investments I know it is an unworkable solution.

More and more workers are losing their jobs because of this crisis. Confidence in our economic system is worse than during the Great Depression. Our leaders are telling us the only hope we have to save us from extinction is for the government to own us.

Our new President, Barak Obama, seems to be schizophrenic on the subject of the economy. One minute he tells us there is hope and the next minute he says if we don't spend trillions of dollars, immediately, we are doomed.

He doesn't say what the money will be spent on just that we need to spend it and Congress is obliging him. America is being raped and plundered by the biggest crooks America has ever seen, our Congress. Bernard Madoff, the Ponzi scheme king, looks like a petty thief in comparison to these jokers.

Think about it, a year ago our economy was booming. There were some clouds on the horizon that even President Bush recognized. Two years before this crisis he asked for changes to be made to our financial system and congress ignored him.

All it took was one big push from the manufactured oil crisis, (yes, I said the manufactured oil crisis) to topple our financial apple cart. Isn't it interesting that "oil speculators" ran up the cost of oil to record levels just in time to help Obama zoom past John McCain in the Presidential sweepstakes. (Can you say George Soros and the Bank of England)

And then came the Housing Crisis, in the making since 1932 and the Roosevelt Administration and exacerbated by every administration since. It was about fairness they told us. New lending practices that would allow every American to own a home whether they could afford it or not.

Now Obama is demanding fairness in the way the jobs he intends to create should be allocated. Most would go to minority workers because they have been under served in the job market. White workers have had it too good for too long and will go to the back of the line. (Sounds like payback for the civil rights crowd to me)

It's time for all American's to take a good look at this situation and ask the question: "Who Bought America's Soul?

It may have resulted from the end of banking regulation with the Gramm-Leach-Bliley Act* signed into law by Bill Clinton that ended the Glass-Steagall Act*; Mega mergers of banks and securities firms resulted, which had been forbidden by Glass-Steagall.

Greedy banks and securities firms could now collude to sell and resell bad assets thereby clearing their books of the bad debt. Too many loans made to people who normally couldn't be financed for anything let alone a house. The insolvency was passed around like a giant Ponzi scheme so that these institutions looked profitable. It had to end somewhere. It has ended in the American People's pocket books.

America has gotten the change they wanted but we are being offered very little hope. This is not the time to experiment with government. Some of the very same people who have profited from this situation are asking for more handouts. This is not the 1930's when poor men, with souls, were given government handouts. Now the handouts are being given to wealthy institutions that cased this mess in the first place and believe me these institutions have no soul.

1. http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=106_cong_public_laws&docid=f:publ102.106

2. http://www.occ.treas.gov/ftp/workpaper/wp2000-5.pdf