Thanks to Meat Loaf for the core of the headline above. You'll have to buy his CD Bat Out of Hell II: Back Into Hell, to hear the rest of the song.
So, we are about to see the US Congress agree on some form of a bailout plan for the Wall Street mess. That's the mess that was conceived, originated and created by none other than Congress in 1999, and signed into law by Bill Clinton the same year.
In the interests of "transparency" - not to mention truth - the Democrats and other crooks who have no explanation for their treachery against the American people need to develop an honest statement for the public. Their "failed George Bush policy" mantra has worn incredibly thin, is only believed by simpletons, and probably should be revised to something like "a decade of reaction to failed Bill Clinton policies!"
Oh, right, we're talking Congressional Democrats. No chance of truth in lending there.
Obviously the average American taxpayer has little to no input on how this all plays out, but if I was a member of Connecticut's Congressional delegation, including Sen. Christopher Dodd who was as much a factor in causing this imbroglio as anyone, I would heed what follows very carefully.
If the federal government takes over all this "bad debt" that it caused by removing the firewalls between lending institutions, insurance companies, etc., and by opening up the mortgage market to people who couldn't afford mortgages, there is a very real possibility that in the long run the US Treasury will profit.
A profit is possible, unlikely as that seems at the moment, because behind the bad paper everyone is talking about there exists real, three-dimensional property - houses that may not be worth as much today as they were the day they were purchased, but will be again in the not-too-distant future. When the market stabilizes and then reverses itself the affected properties will once again regain, then exceed their original sale values. It's a law. It has to happen; the only question will be how long will this take.
This happened before back in the FDR administration and the government recovered very nicely, simply by sitting on the absorbed properties until they regained their value, and then unloading them at a profit.
I strongly suspect this will happen again.
Connecticut Congressman Chris Shays, the last Republican Congressman in New England, says he wants protection for taxpayers should the government turn a profit in a year or two.
I want to take that one step further.
If the US government makes so much as a dime off of this fiasco, I WANT MY MONEY BACK!!
What exactly do I mean by that? This.
I want oversight of every dime of taxpayer money that is spent, and every dime of income that results from this "bailout" in any form. I don't want no stinking earmarks, no fast and loose amendments banning drilling for shale oil, no massive influx of tax dollars to NOBama's favorite slush fund - ACORN, or anything of that nature. No golden parachutes or contractually approved severance packages for shit-for-brains corporate executives either. Nada! Nothing!
If we take over, not the Congress, but WE the PEOPLE, all bets are off with the creators of this mess. Don't like it? Get the hell out of Dodge! We bail you out, we own you ... and your families too.
When the profits start rolling in, to the tune of more than a trillion dollars according to some estimates, I want checks made out to the American taxpayers - not rebates that get taxed as income the next year, either. I want a check paying me back for bailing out a bunch of slime-ball, pond scum Wall Street market manipulators and their corrupt Congressional stooges.
I want these checks to be dollar for dollar, dime for dime what the taxpayers put in, plus interest, with nothing, not a single red cent, deducted for administrative expenses. No diversions. None.
Do this, and you, meaning Congressional stooges and slime ball, pond scum Wall Street market manipulators, may escape the pitchforks and torches. Maybe. I can't make any guarantees on that. America is pissed! And they are pissed at you Senators, Congresspeople and slime ball, pond scum Wall Street market manipulators. YOU!
Do it not, and you will definitely feel the fires of revolution burning your asses. You'll be dragged out of the Capitol, or your hideaways in the country, tarred, feathered and ridden out of town on rail.
That is exactly what you deserve now, and I guarantee you it is exactly what you'll get if you try to turn this assault on the American economy into a money-making venture for yourselves and your corrupt, dishonest, classless, money-grubbing cohorts.
This is not a threat by the way. It is, however, an uncannily accurate prediction of future events.
Sunday, September 28, 2008