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Monday, April 28, 2008

Where is the cry of outrage from the people about this?
Posted by Jill | 6:38 AM
Ever since the 1980's, when Ronald Reagan invented the "welfare queen in the Cadillac", Republicans have been successful in convincing Americans that 'government spending" equals "welfare". Interestingly, as both parties have spent the last quarter-century shoveling more and more cash into the pockets of corporations, too many Americans have continued to rage against those lower on the economic scale, whether black Americans or immigrants, while turning a blind eye to the turning over of their government, the government that is supposed to serve them, to the service of multinational corporations. Even the recent outcry over executive compensation pales when compared to the outrage that the ill child of an illegal immigrant might obtain medical care, or that someone may not have understood the documents s/he was signing in the quest for the American dream of homeownership.

While utterly silent about executives like Angelo Mozilio of Countrywide Financial receiving boatloads of cash for running companies into the ground, George W. Bush is highly vocal about those who find themselves over their heads after their mortgages adjust:

Congressional Democrats and the White House are on a collision course over an ambitious proposal drafted to address the spreading mortgage crisis.

The Bush administration calls the bill a "bailout," saying it "strongly opposes" the legislation sponsored by House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, intended to make it easier for homeowners to refinance their loans and stay in their homes.

Some congressional Republicans also oppose Frank's proposal, saying it essentially forces one neighbor to pay for the mistakes of another.

"You're telling the guy who did it right that he has to help pay for the guy who did it wrong," said Rep. Jeb Hensarling, R-Texas. "When people are struggling to pay for their mortgages, they shouldn't be forced to pay for their neighbors' mortgage.

"I think about 95 percent of America is either renting a home, they own their home outright, or they're current on their mortgage," he said. "So 95 percent of America who's doing it right is asked to help bail out 5 percent of America who probably wasn't doing it right."

Hensarling also said Frank's bill amounted to a bailout of the large banks that made the ill-advised loans in the first place.

"You can not bail out borrowers without bailing out lenders," he said. "This is a massive Wall Street bailout bill."


And all of this may be true, for in fact, there are people so over their heads that not even mortgage assistance will help them, and the writeoffs of bad mortgage have the entire financial house of cards in this country teetering on the edge of complete collapse. But the idea that creating entire neighborhoods dotted with foreclosed homes, left empty to become the province of squatters and those plundering them for applicances and bjuilding materials, to "punish the irresponsible", is a positive thing ought to be similarly outraged at the government bailout of Bear Stearns. And yet there's been relative silence about that from the very people who look askance at the mother in front of them at the supermarket swiping her food stamp card. And the very people who call Rush Limbaugh and rail about "tax and spend liberals" are curiously silent about how the government has squandered billions of dollars on corporate welfare in Iraq:

Millions of dollars of lucrative Iraq reconstruction contracts were never finished because of excessive delays, poor performance or other factors, including failed projects that are being falsely described by the U.S. government as complete, federal investigators say.

The audit released Sunday by Stuart Bowen Jr., the special inspector general for Iraq reconstruction, provides the latest snapshot of an uneven reconstruction effort that has cost U.S. taxpayers more than $100 billion. It also comes as several lawmakers have said they want the Iraqis to pick up more of the cost of reconstruction.

The special IG's review of 47,321 reconstruction projects worth billions of dollars found that at least 855 contracts were terminated by U.S. officials before their completion, primarily because of unforeseen factors such as violence and excessive costs. About 112 of those agreements were ended specifically because of the contractors' actual or anticipated poor performance.

In addition, the audit said many reconstruction projects were being described as complete or otherwise successful when they were not. In one case, the U.S. Agency for International Development contracted with Bechtel Corp. in 2004 to construct a $50 million children's hospital in Basra, only to "essentially terminate" the project in 2006 because of monthslong delays.

But rather than terminate the project, U.S. officials modified the contract to change the scope of the work. As a result, a U.S. database of Iraq reconstruction contracts shows the project as complete "when in fact the hospital was only 35 percent complete when work was stopped," said investigators in describing the practice of "descoping" as frequent.


And after Hillary Clinton succeeds in making John McCain President, we can look forward to an accelerated pace of bankrupting the country for George Bush's Folly.

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4 Comments:
Anonymous Anonymous said...
And after Hillary Clinton succeeds in making John McCain President . . . .

Bullshit. The Democrats had this election won until Mr. Obama and his massive ego decided that he was somehow qualified to be President. Hillary Clinton has devoted her life to public service. Obama has devoted his life to promoting himself. And despite all of his whining and complaining, we still don't know where he stands on many critical issues. Why won't he tell us? Does he even know?

If John McCain wins, I hope that you will accept your share of the blame.
4/28/08, 10:57 AM  
Blogger Dave in ME said...
I applied for my passport today and will be getting ones for my wife and kids asap. This place is falling apart right in front of our eyes, but as long as the majority enjoys it's bread and circuses, not a damn thing will change.
4/28/08, 2:14 PM  
Anonymous Anonymous said...
Brenda,
The Dems had this election won [the donkey in a landslide!] until they went for "statement" instead of competence. They lost me when they threw Edwards away!

I'm registered unaffiliated so haven't voted in the primaries. I've half a mind to stay home this year [although that would be the result of half a mind! ;) and I'm sure the "statement" would go unnoticed], but if I do vote it will be for the least worst of two very, very bad choices. The worst choices we've had since I could first vote for President in 1966.

Why oh why isn't there a "None of the above!"?
4/29/08, 9:22 AM  
Blogger Demeur said...
The democrats still have this election. Hillary won't get the nomination because she is behind and can not catch up. She's the one avoiding the issues because she's too busy slinging mud. If you want to know Obamas positions go to his web site or are you too lazy?
4/29/08, 1:05 PM  
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