These billions and billions in bailouts being passed out by the Fed and the treasury? Not a done deal, although many may think so. Congress must approve these handouts of taxpayer monies. Congress has not approved any of this... yet.
The Senate has passed a bill on the Fannie Mae and Freddie Mac bailout, but the house has not yet acted, nor has the President signed it into law. Before any of all that money can be shoveled out, Congress will have to approve of it all.
Both Wall Street and the media act as if Congress's approval is a done deal, and indeed, that may be so.
Publicly, Congress has been acting angry and upset over this horrendous mis-use of taxpayer money. It's a gigantic sham, a huge cover-up - led by Nancy Pelosi - since every Senator and Representative inside the beltline knows the routine. Congress will no doubt approve of all these bailouts, since their services have already been bought and paid for by the special interests receiving this historical handout, the largest in the history of the world.
Wonder why a certain few selected companies have been the beneficiaries of literally hundreds of billions of taxpayer dollars? And not others?
The answer may be what causes revolutions and revolt, so we ought not to go there, unless you're ready to do as founding father Thomas Jefferson recommended.
Mull this around in your skull for a minute... hundreds of billions of dollars. You cannot possibly get a handle on the incredible amount of money that really is, but what you can grasp is the fact that the federal government is in the process of borrowing - at this very moment - much of that money from the oil-rich Arabs and the free-trade rich Chinese, money which the next generation will have to pay back... plus interest.
And this federal government in Washington is planning on even more bailouts. Those hundreds of billions will turn into thousands of billions, and you and I are being served up as collateral.
America is treading on thin ice indeed.
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