Bailout Fatigue is Setting In

posted by Nima

December 11, 2008 · Posted in Interventionism, Politics 

After about $8.4 trillion pledged so far for numerous Auction Term Facilities, Troubled Asset Relief Programs, bridge loans,  to failing banks and businesses, one has to wonder how many more failures the government wants us to support.

House Democrats Barney Frank and Nancy Pelosi have clearly lost their minds and their last shred of common sense over the past months. They can’t do any more than repeat the same utter falsehoods, lies, and scams. “Bankruptcy is not an option” (…because I say so). “Letting them fail would lead to an epic disaster” (…so please, come on, give us more of your money!!).

After each taxpayer has now committed about $56,000 one has to sit back for a moment and ask “Has this been working so far? How much more money should we take from the people? How many more useless projects should we support with it? How much longer should we prolong the agony?”

Among reasonable people in congress one can sense the bailout fatigue. The car bailout of the big 3 in Detroit exemplifies this brilliantly: First it was going to cost $25 billion. Then it went up to $34 billion. Then one guy testified that over $100 billion might be needed. After it became obvious that House Republicans wouldn’t play ball the last desperate moves were made to tap into an existing funding package of $15 billion which was supposed to support clean energy cars. Then $1 billion was set aside for environmental programs. Now the scammers were hoping to at least take the remaining $14 billion.

One hour ago even this bill was voted down. Thanks, Senate Republicans for getting it right this time. That wasn’t that hard, now was it? You could have done this much earlier. It could have saved us roughly $8 trillion.

I don’t doubt for a second that Nancy Pelosi, Hank Paulson, Harry Reid, and George Bush are already convening in order to figure out a way how to force the scam down the taxpayer’s throat this time.

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