The right-wing Republican trickle-down theory government of tax reduction to the wealthy, of pursuing a sorry Iraq war, and of deregulation, under leadership of neo-conservative Pretender Bush, was a cataclysmic failure. The people who created this scheme are responsible for the $700 billion bailout.
U.S. Sen. Richard Durbin, D-Illinois, said, "It was the reckless deregulation of the credit industry, no oversight."
Very true. Additionally, the wealthy, corporations and Wall Street banks outsourced hundreds of billions to banks in foreign nations because of cheap labor, marketing mostly here. The corporations, banks and wealthy got tax breaks stashing billions to offshore Cayman Island banks, avoiding fair taxes.
I say no to any further bailouts. The rest must be transferred to a stimulus package available to us marketers, laid-off autoworkers and businesses earning up to $8,000. This stimulus package would do wonders for the economy. Treasury Secretary Henry Paulson said in a speech Nov. 12, "The country would head fast into a depression if the government doesn't create a bailout now."
The middle class hurts while the corporate greedy chief executive officers pleasure. In a stimulus package for me, I would put a good portion into a bank and investment company, spend the rest on cars, houses and household items. The economy would benefit and confidence would thrive. As a television reporter stated, "We live close to what we earn." Now, I'm a penny pincher. The chair of the Federal Reserve Bank said, "We have a frozen market."
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Bailouts are for bad housing mortgages of greedy bankers and now the financially strapped auto corporations. They just borrow from foreign banks where they outsourced capital. The bailout is comparable to inviting the fox to dinner with feathers in and on his mouth.
The religious, neo-conservative Bush has broken the Republican Party for several decades.
Warner B. Wirta
Duluth
