In case you haven't noticed, Congress is trying to bail out the country's big banks to spare them from any consequences for having made major contributions to the subprime mortgage meltdown that continues to drag our economy down.
The scheme making its ways through the national clownhouse atop Capitol Hill is being touted as one to help the folks who took out and can't repay mortgage loans. It really provides for the government to use our tax dollars to buy portfolio mortgage loans from the financial institutions.
There are only two things anyone has to know to understand what is going on in this latest plundering of the public to further implement socialism for the rich and free enterprise for the rest of us.
The first is that a confidential Bank of America memo has come to light revealing that the banks are planning to unload onto the government the loans in their portfolios that they know or believe never will be repaid -- their bad loans. Thus the taxpayers rather than the banks that made the bad loans will sustain the looming multi billion dollar loss while the banks and their executives go unscathed on their merry way.
The second thing to know is that the bank bailout program was hatched and is being promoted by Senator Chris Dodd -- known previously for having partnered with Ted Kennedy in their jolly alcohol lubricated sandwich-the-waitress festivities -- who received a VIP loan from Countrywide, the country's biggest mortgage lender. Countrywide would be a major beneficiary of the Dodd bailout proposal. Dodd admits having called Countrywide's CEO to obtain his loan but claims he didn't know that his loan had terms significantly more favorable than were available to other borrowers. Yeah . . . sure. How unconscious and naïve can the chairman of the Senate Banking Committee be, and how stupid and gullible does he think everybody else is? Other known beneficiaries of VIP loans were Senator Kent Conrad and Senator (and presidential candidate) Barack Obama.
How many more and who else? We're unlikely to find out as the senate rejected a proposal by Senator Jim DeMint to compel all members of the sty to disclose before voting on the bailout plan whether they have received similar favors. Only 11 senators voted for, and 79 voted against the mandatory disclosure proposal.
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