The United States of Corporate Socialism

$28 Billion BEAR STERNS
$200 Billion Fannie Mae and Freddie Mac
$ 85 Billion AIG

There's more to that list, but to just give the most notable examples. Then you have yesterday's
use of $700 Billion dollars like it was toilet paper. It's really a shame.

I'm really disappointed in the Republican party. Yes, there were quite a few members who voted against the bail-out, but still far too many given the "principles of the party."

The Republicans are supposed to be the party of not only the party of limited government but also opposition to excessive entitlements.

But they seem to have thrown away those beliefs 25 years ago. First it was Nixon abandoning the Gold Standard in the early 70s. Then the bail out of the savings and loan industry in the late 1980s. Then the Chrysler bail out. Now all these financial institutions who bought too many mortgage-backed bonds. Who bails you and me out when we get in a financial crunch?? NOBODY. Unless you're ultra poor and can get food stamps and Medicaid.

We are capitalists when the economy's good, and socialists when companies start to fail. How much more billions do we have to print and borrow before Wall Street will be happy again? Spoiled children.

Get ready for inflation. Get ready for cost of living to rise worse than before, and of course these crooked CEO's whose butts are being saved by this trash can full of pork are gonna drag their feet on raising wages for workers.

People are really hurting in this country. If it's not rising gas prices (and we can think BIG BROTHER for standing in the way of those going down), it's BIG BROTHER Bernanke and the Fed printing more money, now an additional $700 Billion on top of the absurd amount, or it's greedy corporations not appreciating their employees, etc, etc.

Now, as far as the blame game goes, the private and public sectors are both responsible. A pox on both your houses. On the one hand, you've got Bill Clinton's Community Redevelopment Act in the late 90s. Then you've got Fannie Mae and Freddie Mac (who at some level were subordinate to the Fed) who don't even follow their own 80% loan to value guidelines because BIG BROTHER'S telling them give more loans to unqualified buyers and make it look like we're doing something. On the private sector side, you've got greedy banks who answer to Wall Street's quarterly earnings expectations. Wanting to show as many mortgage sales as possible. Even if it means not verifying income. Even if it means lending 115% of the value of a home with just closing costs down. Even if it means people getting into an ARM that adjusts after 2 years.

There was a time in this country when you couldn't get a home loan unless you had 20% down payment and closing costs. Nowadays you can get a home loan from a respected lender like CITIMORTGAGE for just Closing costs + 5% of purchase price. And they're considered a selective lender. Imagine all the sluttier banks out there.