THEY Screw up and we pay . . . WHY?

By l.t. Dravis

WALL STREET/WASHINGTON, D.C. – Sunday, September 21, 2008 – Without your knowledge and without your permission, the Bush administration has decided to put you, your children, and grandchildren into more trillions of dollars of debt for decades to come.

Why?

Because, after years of deregulation, greed, and mismanagement, Wall Street has finally run out of cash.

George W. Bush, not particularly regarded to be the brightest or most courageous President we’ve ever had, the guy who’s been laying low for the past several days, had to be pressed by Treasury Secretary Henry Paulson to finally do something to prevent the entire economy of the United States from collapsing under the weight of last week’s Wall Street crisis.

According to Treasury Secretary Paulson, the Wall Street crisis has caused credit markets to become “very fragile and frozen” and if the government doesn’t give billions upon billions of taxpayer dollars to Wall Street, businesses will no longer be able to borrow money to stay in business and those consumers lucky enough to still have jobs will be unable to get the credit they need to go further into debt so they can keep on spending.

If the Bush administration doesn’t hand over billions to Wall Street, immediately, Paulson says our economy will grind to a halt.

So Bush, et al, will give Wall Street what it wants for the privilege of taking ‘illiquid’ (who came up with that moniker?) mortgage-backed securities and other bad debt off their hands and off their balance sheets.

Translation: The same batch of political knuckleheads who deregulated us into the mortgage meltdown and the Wall Street crumbledown will now borrow hundreds of billions, perhaps even trillions of dollars from China and other sources, sign our names to the loan documents, and then hand all those stacks of cash over to the same group of geniuses who mismanaged Wall Street into its current mess.

This blow out of taxpayer cash comes on the heels of hundreds of billions of dollars the Bush administration has already given away to keep Fannie Mae and Freddie Mac in business and to prevent insurance giant, American International Group, from going under.

How sound does that sound?

To add insult to injury, though the Bush administration, the House, and the Senate trust us enough to obligate us and our families for generations of debt, they don’t trust us enough to give us the details about the whys, wherefores, and whereas-es of this so-called bailout.

And, though we’ve heard and seen enough ‘political leader’ interviews over the past few days to last a lifetime, not one of those ‘leaders’ has had enough respect for us regular folks to actually tell us anything close to the truth about what really happened on Wall Street last week, about what the future implications may be, about how much this bailout will really cost, and about what the House and Senate will do to prevent a future reoccurrence of incompetence and fraud on his scale.

Though the Bush administration says it wants “as much as $700 billion” to clean up this mess, after everything we’ve been told over the past 7 ½ years by them, does anyone seriously think we can trust them to tell us the truth now?

Truth is, this lack of thoughtful, intelligent leadership on the part of the Bush administration could cost hundreds of millions of Americans $1, $2, $3, $4, $5 trillion or more.

Did you ever think that George W. Bush and Dick Cheney, even with the help of their cohorts in the House and Senate, could lead this nation into such a deep economic disaster in only 7 ½ years?

The irony is that we put this downward spiral in motion when we voted for two men who made it blatantly clear to anyone who would listen that they were willing to say or do anything to win an election or start a war or run an economy into the ground . . . for political gain.

Hmmm.

Shame on who?

Copyright © 2008 by l.t. Dravis. All rights reserved.

If you have questions, comments, or concerns, Email me at LTDAssociates@msn.com (goes right to my desk) and since I personally answer every Email, I look forward to hearing from you soon.