Some polls showed 88% of Americans wanted no part of this recent bailout. Apparently this had to be very bipartisan in nature. Even if the number was 60% which I heard thrown around as well, then conservatives and liberals, republicans and democrats were mostly in favor of leaving this one up to the free markets. The President was pushing for this bailout and putting pressure on house and senate leaders to rally the troops for the vote. Faxes phone calls and emails were flooding into every politicians office in Washington. They all said the same thing, no for the bailout. On the other hand the politicians who have totally lost any face they had to begin with, are now trying to convince the American people there doing this for them. It’s for your own good- you could hear them say.
Well if you believe for one minute that this problem only has to do with wall street and greedy lenders, or even borrowers who signed the notes, then you are sadly mistaken. The blame can be equally shared with politicians over the last 40 years and with our wonderful monster called the federal reserve. They have through inflation, deflation, overspending and the manipulation of interest rates brought about the perfect storm of economic chaos. Thanks Mr. Greenspan and Mr. Bernanke. Thanks to Keynesian Economic policy as well.
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