Reports have arrived that Milford's Congresswoman Rosa Delauro has voted in favor of the Bush 700 Billion Dollar Economic package aimed at bailing out America's failing banks. While most experts agree that the 700 Billion Dollar package falls far short of the estimated quadrillion in total derivative losses, Ms. Delauro thought it a sound thing to vote in favor of.
While the general public balked at the deal, CT Democrats have ignored those calls. This is due to a clear advantage they currently have, they can afford to go against the public. Republicans on the other hand are struggling to hold on to their seats and cannot afford to lose any desperately needed voters. especially since the Bush record and legacy has marred not only our nation but his party in its entirety. The big picture here is that the FED and the treasury could give as much money as they want to corporations without federal approval. Their concern, marked by the objectionable language in their bill is that they (Bernake & Paulson) seek to be immune from the law and free from court criticism of their continued disposal of these funds to the very private bankers that created this problem. A Congressional vote of approval will ultimately distract the public into believing that this process is democratic when the facts clearly show Congress has no appropriations authority over the FED.
Representative Shays, Larson, and Murphy in Connecticut also agreed that this bailout was good for our economy, but Connecticut did have one sole dissenter Representative Courtney who felt the bankers did not deserve the money, and born again constitutionalists and Senate Banking Committee Chairman Chris Dodd was relieved by the bills defeat!
The people have spoken, and no one in America wishes for taxpayer money to bail out the bankers who brought down Wall Street with their greed. Even as I write this I am receiving calls that enormous sums of money are being pulled off the table by firms taking advantage of the volatility in the markets. The stock market is more predatory than ever as the sharks continue to kick these wounded companies while they are down. Spending good money to save bad money is never a good idea.
Most experts agree that nothing will save America from an impending economic disaster, that they are cyclical and emblematic of all nations who engage in a fiat monetary system, a system that fosters economic growth on debt, a system that pays its bills with worthless paper that is "Legal Tender" and a system that has unbridled access to create money at will to feed its appetite for consumption.
As long as our economy is based on the attributes of men, rather than jobs and the fruits of our collective productivity we will never prevail as a nation. We may just end up disintegrating slowly and in the dark of night. Until those in command (We The People) recognize our constitutional right to a sound currency, and an economic system that rewards those who are productive rather than engaged in the "debt for prosperity" economy, America will never prevail. The time is running out, our Congressmen have en-masse caved in to Fascist America and continue to unwittingly ruin this country and its people with big inflationary give aways to giant corporations. We the huddled masses are sick and tired of the lame excuses and news channels that feed us corporate trite questioning our judgement. People know in their hearts right from wrong, and the people have spoken.
Virtually all of Connecticut's Democrats broke with their party and voted for Bush's bailout, the effort to their chagrin failed and this debacle is far from over. The drama on Wall Street is now headed for Senate vote floor where a YES vote is expected and Emporer Bush's anxiety can be relieved with a "rubber stamp" of Presidential approval.