The greedy dems and progressives in Washington DC have taken the bait. Among these I count our profligate President Bush.
The prospect of spreading $700 billion around liberally was just too seductive.
Public opinion be damned. Applying a band-aid, however extravagant, will scarcely remove the vast tumor that Government Sponsored Enterprises and CRA have spawned in our corpus. The voting public knows this.
Public isn’t buying Wall Street bailout says Los Angeles Times.
The overwhelming majority of 40,000 contacts at Dianne Feinstein’s five office’s were against the bailout.
Rep. Sanchez (D-Lakewood) “My constituents are telling me loud and clear that they aren’t convinced.”
Public opinion is running so vastly against the bailout, one can scarcely describe it as a controversy; it is a landslide of negative public opinion. Even Stanford academics, 166 of them, urged lawmakers not to rush on the plan.
A USA Today/Gallup poll showing 75% favor the bailout stands out as as exception to the rule. A Pew poll says 53% favor.
But calls to Arizona’s congressional delegation are running overwhelmingly against the bailout.
Those same lawmakers were also mindful of a growing maelstrom in their home districts. Angry constituents have been flooding congressional offices at home and in Washington, D.C., with hundreds of phone calls registering disapproval over the proposed bailout.
. . .
Between Monday and Thursday afternoon, Giffords’ congressional office in Tucson had received 300 phone calls regarding the proposal – 252 of which were in outright opposition. Reaction at Shadegg’s offices in Arizona and Washington was similar, with 438 of nearly 500 callers this week lining up against a bailout.
“No one out there thinks this bailout deal, as it’s being called, is a good idea,” Giffords said Wednesday during a conference call with economic and financial experts from throughout Arizona. “Everybody who has contacted me so far is adamantly opposed to this.”
Rasmussen states only 25% support the bailout; 63% say congress is doing too much (Stuart Varney on Fox News Live). 99% of phone calls and email were against the bailout, in a four hour call-in program.
Will American voters swallow this lavish, extravagant, boondoogle band-aid plan by “progressives” in November? I am highly dubious that they will.
Will the government make money on the purchase of junk, subprime paper it forced banks to write? Did the government make money on its Government Sponsored “Enterprises?” If the government were good at making money, we wouldn’t need capitalism and free markets. Examine the economic juggernaut in Cuba, Washington’s new prototype. If the government did make money, where would that money go?