September 25, 2008
I'm sure many of you were sitting there like me, watching the President ask for our support, and explaining why we should all pony up $700 Billion, to bail out the financial melt-down.
Bush warned that if we don't act fast, we face an even worse financial crisis.
Don't you wonder where all this energy was, when proper oversight and regulation was needed in the housing market? Banks showed little concern about risky home loans, since they sold the loans the next day to another company.
Many had so little verification of income, we were told of local car dealers who could not get a customer approved for a car loan, but they were approved for a home loan.
We are finding out about huge salaries and bonuses paid to executives at Freddie Mac, Fannie May, Lehman Bros, AIG, and on and on...
We know that these companies were making huge contributions to the political campaigns of those who should have been stopping these abuses.
It seems as if we have no choice but to support some form of a rescue plan, but we deserve much more detail about how we got here. Also the oversight and regulation must be in place to make sure our $700 billion are not wasted. That's $10,000 per household. We have the right to know all the facts.
Everyone is calling for cooperation between Democrats and Republicans in this rescue... we want cooperation alright.
We would like them to cooperate in putting people under oath, beginning with members of Congress.
Next the heads of these Wall Street companies... Let's find out what they know, what they did, and put some people behind bars...