Many Webloggers (bloggers) are joining the Multi-Partisan Political Revolution to bring sanity back to the United States: End partisan politics and political ineptness.
The $700-billion-dollar Wall Street Scandal prove too much for hard-working American citizens. First the 85-billion-dollar AIG scandal, now another financial scandal… a monsterous $700-billion-dollar scandal. We unite must to combat corporate greed, political corruption and other societqal menaces and social injustices. If we don’t act, the world baking systems will eventually fail, resulting in loss of jobs and financial problems for the average U.S. taxpayers and citizens of other countries with which the United States are an ally.
On September 29, 2008, 35 days before the United States presidential and congressional elections of 2008, 133 Republican and 95 Democratic lawmakers, acting on behalf of their congressional constituents, rejected a financial bailout plan, which would have cost U.S. taxpayers approximately $700 billion to bailout the nation’s financial system.
Despite President George W. Bush and House Speaker Nancy Pelosi’s (D-California) strongly urging the Republican and Democratic lawmakers to pass the legislation, 228 lawmakers balked at the idea of bailing out cash-strapped and recklessly-run financial institutions, resulting in the shocking defeat which has stunned Wall Street, President Bush, House Speaker Pelosi, House Minority Leader John Boehner (R-Ohio) — who is one of many key-republicans who supported the filled bill; Ben Bernanke (the Federal Reserve chairman); Senator Barack Obama (D-Illinois); Senator Christopher Dodd (D-Connecticut); Senator Jon McCain (R-Arizona); Treasury Secretary Henry Paulson; Senator Barney Frank (D-Massachusetts); and all other supporters of the bailout plan. After the news of the bill’s defeat on Capitol Hill, the Dow Jones industrials plunged nearly 800 points in a single day, the most ever in history.
Many U.S. taxpayers have blamed Pelosi for playing “gotcha politics” at the expense of Senator John McCain and members of the Republican Party, resulting in 65 Republicans voting “Yes” but 133 Republicans voting “No” for the nearly trillion-dollar bailout plan, which many constituents told their congressional Senators and House Representatives not to save financial institutions and troubled banks that holds bad mortgages and other rotten liabilities. Many angered U.S. taxpayers reject the idea that capitalists should behave like socialists: When reckless financial institutions or banks take senseless risks and lost big on their investments, don’t expect the American people to repay a debt of which the American people are NOT liable… It’s the troubled financial institutions’ and the unsound banks’ bad debts not the U.S. taxpayers. That is not how business be done in America. Either a banker a capitalist or a socialist. He or she can’t be both!
Let the financial institution or the bank pay its own debts and keep its “grubby hands” off the U.S taxpayers’ money alone. The bailout plan is so bizarre its laughable. Does a U.S. taxpayer expects a financial institution or a bank to pay his or her debts? The answer is a resounding “NO!”
Pelosi is wrong: the vote’s failure was not a result of “a right-wing ideology,” it was the result of rational U.S. voters saying “NO” to a dumb idea! Many smart voters have finally figured out that Pelosi is partially the reason for the bill’s failure and they will remember that fact when she is up for re-election. As House Speaker, her playing partisan politics prove to be a $700-billion-dollar disaster, making her one of the most inept House Speaker in U.S. history. The blame should have never been placed on the White House but on the speaker herself for souring the bailout plan, resulting in 65 Republicans supporting her but 133 Republicans balking at her dirty politics at a time when America should be healing of partisan politics.
Remember, U.S. Taxpayers, Pelosi Poisoned the $700 Billion Deal!
Due to the sluggish economy, the credit markets are closed, proving Bush and his “right-wing cohorts” are not cooking the books. Prior to Pelosi’s unfortunate rant against the Republicans, nobody has proven that Bush is responsible for the failing U.S financial system. In fact, interest rates are near zero percent and there are no viable plans to generate much-needed for the failing financial institutions and banks. If Bush hadn’t implored Congress to take action, the DOW would have dropped by almost 1500-plus points.
As predicted by both former presidential candidate Dr. Ron Paul and Warren Buffett, the failing U.S. financial system is on the verge of collapsing, which has already lost Wachovia, which went bankrupt the day before the defeat of the $700-billion-dollar financial bailout plan.
Sadly, the American Dream has became the $700-billion-dollar American Nightmare. The 2008 Wall Street Scandal may cost the United States its Super power status as foreign markets lost confidence in the U.S. Dollar. It may take more than $700 billion dollars to restore Wall Street’s badly damaged reputation.