It’s high time that we bailout Circuit City. What would happen to the economy if we allow Circuit City to go under? We just CANNOT let this happen!
After all, it’s only fair that if the taxpayers bail out Wall Street, and then bail out FordChryslerGM, that the next logical step would Circuit City…
Will the Congress and Office-Of-The-President-Elect go for this? Not likely, because Circuit City is A). non-union (and thus not a voting block for Democrat Congressthiefs and Presidential candidates, B). Circuit City isn’t in the business of making sub-prime loans to people likely to vote Democrat and C). Congress is not interested in nationalizing the retail electronics industry (not sure how the President-elect feels about this, as his agenda is now apparently top secret).
I’m sure that by now, you’ve figured out that my proposal for Circuit City is extremely facetious. But it does illustrate the need for a more well-thought-out approach to how taxpayer money is used (if it were up to me, the companies that are going bankrupt should be allowed to; propping them up will only prolong the agony, and cause worsening of the economic situation).
Despite opposition from House Republicans, our fiscally-liberal, lame-duck President and the remainder of Congress gave current Treasury Secretary and former Goldman-Sachs CEO Henry Paulson carte blanche to “bailout” Wall Street – “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” It was packaged as being urgently needed to open up credit, in order to get the stalled economy flowing. The plan was to buy up “troubled assets”.
It has now come to light that the great “bait and switch” has occured. The plan that was marketed as buying troubled assets has now evolved into using OUR money to purchase a stake in these banks. Yes, boys and girls, Socialism is alive and well in Obamanation, as the thiefs in Bohicaville are using our money to nationalize the Banking industry.
And with Democrat control of both Congress and The White House, there will likely be even MORE income redistribution, not to help the “less fortunate”, but to help politicians in office STAY in office.
Thank you brain-dead electorate. If you voted these people in, you’ll get “change” alright, but certainly don’t count on the tax cut for the “middle class”; pretty soon, we’ll have no middle class.
So what’s in store for us? Nobody can predict exactly, but it ain’t hard to see that it isn’t good.