Congressman Peter DeFazio on the Bailout

Wow, here's some good rhetoric from Congressman Peter DeFazio:
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Other viewpoints:
The Bush Administration's Banking Rescue Plan
by Rodrigue Tremblay - Global Research
September 23, 2008

"Those who cannot remember the past are condemned to repeat it." George Santayana

"The bill gives [Sec.] Paulson the ability to nationalize an unlimited amount of private debt and force you and your children to pay for it.... I predict that if this passes it will precipitate the mother and father of all financial panics." Karl Denninger (Market Ticker)

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Section 8, Bush's administration proposed legislation to bailout U.S. banks

"The Fed is merely trying to inject money to keep prices not supported by fundamentals from falling. It is a prescription for hyperinflation. The only way to keep prices of worthless assets high is to lower the value of money. And that appears to be the Fed unspoken strategy." Henry Liu, economist

If I may simplify somewhat the situation, (but only slightly) we can say that over the last quarter of century, Wall Street firms bought out Congress and the White House (and paid at wholesale prices). Now, they want the U.S. government to buy them back (and they want to sell at retail prices).
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1 comment:

Anonymous said...

Wow! I applaud him! Guts and wisdom rolled into a single individual. We don't see enough of these guys in politics!

Why isn't he the president?

Oh yeah, there I go slipping into my Utopian thoughts again...