Updated: Tuursday, 9:45pm
If you google the phrase "bailout total" you will find that the total of the bailouts to this point made by the Fed is an astounding $900 Billion. The sole authority for spending under our constitution is Congress, so how much of that $900 Billion did Congress authorize?
The Fed, an independent, unelected arm of our government, just spent $900 Billion of our money without the authorization of our elected representatives.
Where is the outrage? Why are the American people not concerned that a body of unelected elitists is spending huge sums of our money without controls? Why is Congress not concerned that its spending authority has been outrageously abrogated?
Where is the outrage over that amount? We scream at the top of our lungs that $800 Billion has been wasted on the debacle in Iraq over a five-year period, but we do not blink when an even greater amount is dumped into Wall Street in a matter of two weeks.
What could we do with the $900 Billion that was used to prevent millionaires from jumping out of their Wall Street windows? How many hungry people could we feed? How many of those 600,000 lost jobs could we recreate? How many uninsured people could be provided with the healthcare they need? How many Texas and Louisiana townships could be rebuilt?
Here's the outrage; right here at a keyboard in San Diego.
Update: Thursday evening
Now there is talk about committing even more money, "hundreds of billions" to buy all of the remaining toxic debt in an effort to rescue the remaining banks and financial institutions, hopefully selling it at some point and at some undetermined loss. This idea is as toxic as the debt it proposes to buy, and I sincerely hope that the legislators who represent me are voting against it. (Although I have no real reason to believe that they will.)
Levy a tax on the billionaires who profited from creating this mess. Levy a tax on the brokers who made the loans. Do not use the taxes that I pay to unwind this massive Ponzi scheme and allow the top level creators of this world class theft walk away with their ill gotten gains, written off with my tax dollars.
This is just more proof that our governing class is a toxic slime governing for their own benefit on the backs of the working class.