Friday, October 3, 2008

Big Problem With The Bailout Bill

The Bailout Bill also dubbed by some as the "No Banker Left Behind Act" has a startling provision in it. A loophole that allows foreign banks to dump their toxic assets on US banks which would in turn be bought up by the US gov. The powers that be said they would actually kill this bill if that loophole is closed. Why oh why would we, should we, and can we bail out failed condos in Shanghai? Is this some sort of bribery to assure foreign central banks keep funding our national debt? That is the only conclusion I can come up with. To think that we are going to use taxpayer money to bailout not only Wall Street but the rest of the world and eventually hand this ever growing giant IOU to our children is despicable. Why should my daughter be paying off failed condo developments in Shanghai years from now? The American.gov and our people will eventually have to stop passing the buck.

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