Reviewing the 2008 Wall Street scandal, a recurring question — for which many members of the U.S. Congress do not have a definitive answer — remains unanswered:
Is the U.S. federal government supposed to continue bailouts of more Wall Street corporatists — who are leading the United States and its allies into a deeper sea of debt, overwhelming U.S. taxpayers with more taxes and debts?
Answer: No, it makes absolutely no sense!
Despite the spin of the U.S. Congress and the Bush Administration, the U.S. economy is taking a severe beating. House Speaker Nancy Pelosi (D – California) and Democratic House Financial Services Committee Chairman Barney Frank (D – Massachusetts) — both of whom voted against the American people to bailout Wall Street — are both partially responsible for rushing the passage of the Emergency Economic Stabilization Act of 2008.
The very fact Pelosi and Frank rushed the Emergency Economic Stabilization Act of 2008 — without first exhausting other alternatives — clearly proves that the U.S. Congress’ bailout of the U.S. financial system is dangerously flawed and subject to fraud.
In fact, the 2008 Wall Street scandal should have compelled many rational financial analysts and other reputable financial consultants to thoroughly analyze the pros and cons of the U.S. Congress’ bailout plan before it was passed and made a law, ensuring the American people that no unscrupulous corporation, financial institution or bank will not fraudulently apply for a multi-billion-dollar bailout — to which they are not entitled.
In reality, the bailout of Wall Streeters is paramount to the U.S. Federal Government encouraging other unscrupulous corporations, financial institutions and banks to fail and apply for multi-billion-dollar bailouts. Sadly, our corrupted federal government is rewarding failing and financially-troubled corporations, financial institutions and banks, while admonishing and punishing lucrative corporations, financial institutions and banks with impeccable business practices.
It was the insatiable greed of Wall Street corporatists that plagued millions of U.S. taxpayers with this financial meltdown, and now they expect strangers to repay debts for which many taxpayers are not legally responsible. Regarding president-elect Barack Obama, don’t expect change… he voted for the Emergency Economic Stabilization Act of 2008.
The sad truth is wealthy Wall Streeters are pocketing trillions of dollars in bailout cash at the expense of the not-so-wealthy Main Streeters. Perhaps, Barack Obama should prove he can deliver change on Capitol Hill by making sacrifices as U.S President by eliminating the waste and pork-barrel spending of the U.S. taxpayers dollars: Hold low-profile inaugural balls, avoid lavish White House parties, advise Michelle to stay away from bling-bling fashion, avoid holding expensive and lavish social events, etc.
If Obama is serious about advocating change in Washington politics, he better deliver the goods or else face the wrath of the American people. Moreover, he better get use to the new slogan of the American people:
“Prove it, Obama! Prove you can deliver change!”
If he and his family live a modest life in the White house and avoid the lifestyle of previous presidential administration, I believe he will fare well and be a good U.S president. However, only time will tell. Judging by his selection of presidential cabinet appointments, he is off on a rough start.