BAILOUTS

 

The Bush administration and Paulson have apparently pulled a good scam. We also know Mr. Paulson had no idea what he was going to do with the money. We now see there were no oversight to verify the funds were properly spent and no follow up to provide stability and growth in our economy. In fact, what we saw was a greedy run to the bank for those who were in the know to get their dole. Poorly run financial institutions and investment banks were allowed to merge and actually encouraged to buy poorly run institutions.
One such bank in St. Louis was (National City) was purchased by PNC Financial when the US Treasury agreed to buy preferred stock in PNC for $7.7 Billion. The Portfolio of National City was devalued by a whopping 17.5 percent according to Nicklaus at the Post Dispatch in St. Louis. Here again was a situation where the foolish investing in mortgage securities is costing everyone. Congressional leaders are appalled the way the money Paulson asked for is being used.
Bailout of the big three auto makers seems to be stalled in congress and I believe that decision to be a good one. Paulson and Bush should use the original Bailout money. At least we could see some real effect in small town America at the car dealers where our friends and neighbors work. I don’t think we should give a blank check to them and that means some strings should accompany any money they receive. There should also be a real fiscal accountability built in. People I visit with are saying, “how about bailing me out” or “I need a bailout worse than those CEO’s.”

I wonder how all those Evangelicals feel now after Bush has screwed up so much and they are now suffering so much. Most of the ones we know are not as prosperous as Bush and his

 

 

 

cronies. I see quite a few at the rescue missions trying to get by. Dobson, of the Focus on the Family organization, put out a scenario that boggles the mind. He called Obama all sorts’ things by innuendo.
Obama will have a tall order to attend to. Just think of all the thousands of lobbyists who will be trying to influence his administration either by direct contact or through their favorites in Congress. We the people are going to have to be more alert and be ready to attack proposed bad policy. Someone is already trying to get Jo Ann Emerson made Director of Agriculture. What an absurd recommendation! The Emerson’s are part of the reason we still are down on the bottom economically in Southeast Missouri and in all of Missouri compared on the rest of the country. Hell! Jo Ann doesn’t live here over half the time. Most of her time in Missouri is spent in St. Louis.

 
I saw a cartoon titled “BAIL EM OUT” recently with Maxine at the top and it came via e-mail.
She said, “Back in 1990, the Government seized the Mustang Ranch brothel in Nevada for tax evasion and as required by law, tried to run it.
They failed and it closed. Now we are trusting, the economy of our country and our banking system to the same nit-wits who couldn’t make money running a whore house and selling whiskey”. How true!!

'Be the change
you want to see
in the world,'
Mahatma
Gandhi

 

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FORMER STATE SENATOR
        JERRY T. HOWARD