Financial Bill Passes Bail Out Bills to Tax Payers

DemoRat controlled Congress has lost it.  See the vote roll call here.
From Bill Wilson at

“Yesterday, the Senate voted 60 to 39 to take over the nation’s financial system. The bill now proceeds to Barack Obama, who will sign it, and it shall be law. Included is a hidden, permanent bailout that will enable faceless bureaucrats to levy taxes, bail out privileged institutions, and to seize disfavored ones, redistributing their assets to favored constituencies, like unions.

While the American people, represented by tea parties and concerned citizen activists, want to bring an end to the bailouts, takeovers, and government manipulations of the markets, in Washington, the lunacy only grows.

Call it the Mad Tea Party.

Thanks to Congress, now the Federal Deposit Insurance Corporation (FDIC), Treasury and Federal Reserve will have the power to tax and spend, seize property and redistribute wealth, monitor individual finances and arbitrarily declare which firms pose ‘systemic risk,’ all without any vote in Congress or the possibility of judicial review. Meanwhile, the legislation does not address one of the root, government causes of the financial crisis.

In short, Congress learned nothing from the housing bubble, which is owed mostly to the errant, misguided social policies to extend home ownership throughout the 1990’s and 2000’s.”

The repercussions of these catastrophic policies are still being felt. The explosion of foreclosures is largely owed because of the government-mandated, irresponsible lending that took place as a direct result. It’s actually getting worse, when 2010 promises to be the worst year yet, with more foreclosures than ever, according RealtyTrac, Inc.

Alas, the bill, which will be the law of the land, addresses none of these root causes of the crisis, and provides no respite from the government distortions of the housing market. It does not bring an end to Fannie Mae and Freddie Mac, the taxpayer tab which is up to $145 billion. Nor does it audit the Fed. And it fails to rein in HUD’s “affordable housing goals” and does not repeal the Community Reinvestment Act.

So, the insanity will continue, all but guaranteeing that there will be another crisis. The only difference is that next time insolvent firms won’t have to go through the lengthy debates in Congress to get their bailouts. Instead, unelected bureaucrats will give them out as a matter of law, and tax the citizenry to pay for it — by decree.

The people will have no means to remove these dictators from power, who will act with limitless discretion, and the madness will never end. There will be no escape.

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