Stimulus has problems
Enough! The open checkbook filled with taxpayer money that the Obama administration is wielding with reckless abandon deserves a critical accounting.
The first bail-out attempt "passed through" Congress and was in the hands of the corporate heads, faster than Granny's bird on Turkey Day. The government then assumed that these same people who took ridiculous bonuses and salaries, while their businesses and stock holders tanked, would -- quote -- do the right thing with the money (come on). I know, old news.
However the nightmare of government intervention in the public sector and private lives of the American citizen is turning out to be a bad thing. The latest unbelievable move by our leaders in Washington demonstrates the inmates are definitely running the asylum.
CIT lending group, which received $2.33 billion in the initial stimulus package (some seven months ago), is now going under. In an attempt to save the lending giant, CIT requested additional moneies from the second stimulus. The government now thinks that it is not worth saving and there would be little or no effects to the economy were it to fail. Quote: "Was this good money thrown away?" said Jim Barth, former chief economist at the Office of Thrift Supervision.
Regulators may not offer aid if they conclude CIT's failure isn't a systemic threat, he said. "Sometimes in the process of destruction, you rebuild a stronger foundation," he said.
Where was that attitude when this whole government stimulus idea was hatched? In a free market system, some things have to fail. These clowns lost other people's money (the little guy) and then with no accountability yelled "do over," and those dopes in Congress bailed them out. As for the initial $2.33 billion given CIT, if given to the people, every American could have taken a big Nancy Pelosi, wiped themselves with a $5 bill and still had enough for a drink at Dick's.
When will we come to the brutal realization that government works for big business and the powers that be? Let's face it, there have been some huge corporations that have failed and life went on. The bail-out was disguised as essential to America's survival when in reality it was a parachute for the golden-spooned generation that did not possess the robber baron wisdom of their fathers.
We need to elect honest, incorruptible representatives that truly have the welfare of the average man at heart. Unfortunately I think he died (smoker, I'll bet)!