. . . On the Taxpayers' Tab, of Course!
Conservatives and all Americans should oppose all bailouts. It was government interference by the Democratic Barney Franks, the Bill Clintons, the Chris Dodds and the conservative-in-name-only George Bushes, who caused or precipitated the sub prime loan mess in the first place. Now they think that they have the solution? Okay. Why is there no accountability for the $350 billion that has already been distributed? Why has Bush been allowed to "assist" the car makers with money that has meant to relieve the credit crunch? When the government gets involved, things generally cost more and are generally inefficient. Bush is to blame for not reigning in government growth and spending during the past eight years. Now Obama will multiply that mistake many times over.
The unused bailout money should be recalled and an accounting made of all the money sent to the insurance companies and to the banks before ANY more is distributed. Representatives who permitted the wasteful distribution of the bailout money without any strings attached should be punished. Barney Franks and Chris Dodd should be investigated for their part in the getting Fannie Mae and Freddie Mac into the trouble in which they find themselves. Jail would be a good place for the likes of Franks and Dodd to contemplate the great damage they have done to America and to our economy.
Practices must change to insure that there is no repetition of the poor lending practices to continue.