It was a forgone conclusion for most Americans, the people in charge of the $700 billion bail out were of the same ilk, crooked and greedy people that brought down the financial institutions on Wall Street. The American people understood they would do all in their power to bail out their unscrupulous associates in crime to become their money saviors and save their own petty asses in the bargain. The likes of their fellow conspiritors are: AIG, Lehman, Bear/Stearns Citigroup Inc, JPMorganChase &Co., and Bank of America. Of course, there are some heavy hitters like Freddie Mac and Fanny Mae going unscathed and taking little responsibility in the financial and mortgage debacle. Plenty of money flowed from the corporate Board rooms into Republican coffers. The fix was definitely in.
No Controls, No Oversight.
Henry Paulsen, Secretary of the Treasuary wanted no controls on bail out spending, and would offer no oversight to as to how these funds are to be spent during the financial bail out's process. He was literally given free reign to decide on who got the money, how much, and how it was spent. His decisions could not be challenged. The American people looked for leadership and footed the bill is left screwed, and thanked with a typical one finger salute.
Take The Money And Run
Sadly each of these financial firms simply took the bail out money and ran to their nearest off shore tax haven. They all have them waiting for a cash infux. AIG received the greatest amount of funding with $150 billion. No investigations were made on the status and depth of the financial firm's off shore accounts because they are untouchable! We simply have no idea how much money is sequestered in these legal off shore tax havens. None!
Congress is Fearful To Do The Right Thing
Congress was afraid to let the kingpin financial institutions fail and fall on their fat butts causing financial chaos on Wall Street since the Great Depression of the 1930's. The Republicans fought tooth and nail for their business buddies and got their way.
The Democrats weaseled and caved in as the Republicans threatened a fraudulent doomsday scenario while postering as saviors. The Democrats in their usual frenzy to help, and do some good could not typically get their heads out of their asses to see any truth and daylight. Congress voted to throw $350 billion down a financial rat hole for big business bail outs. The Republicans had the votes to have their way.
The American taxpayers got their salute as a paultry thank you, and everything was hushed up...until Barack Obama was elected as a new Democratic President.
Obama Is Applalled
President-elect Barack Obama is appalled at the insane congressional antics of bailing out the financial and mortgage firms while doing nothing for the middle classes. Once he is president, he vows insight, strict oversight controls, and will use the remaining $350 billion to help the middle classes who are incredibly hurt by financial and mortgage institution's colossal failure and greed. The clock is ticking. The Republicans are posturing as obstructionists and protectionists again. But, this time they do not have the votes.
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