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Devildawg15's blog: "Bailout 2.0"

created on 02/24/2009  |  http://fubar.com/bailout-2-0/b280052

Bailout 2.0

Last week, the Obama administration announced new plans to "rescue" the economy with another round of bailouts. Heritage economists David John and James Gattuso explain the plan's flaws: http://members.myheritage.org/site/R?i=1BR7bAisaPY7jf5z-Ms1cA.. As announced [last] Tuesday by Treasury Secretary Timothy Geithner, the plan is a grab bag of policies of doubtful effectiveness and uncertain consequences financed with $2 trillion or more in taxpayer dollars. To make matters worse, key elements of the plan were merely placeholders lacking concrete details about how they would be actually work. One thing seems certain. These massive new programs will increase Washington's control over the financial system, placing politicians in the role of bank managers and hedge fund investors, to the long-term detriment of consumers and workers. Open letter: The 'stimulus' is horrible for America In an open letter to the Congress and the President of the United States, sent before the final vote, Heritage President Ed Feulner called the American Recovery and Reinvestment Act the so-called 'stimulus' bill the most "far-reaching and revolutionary" Heritage has ever seen. "And never have we seen," Feulner says, "a bill more cloaked in secrecy or more withdrawn from open public exposure and honest debate." http://members.myheritage.org/site/R?i=xO5Klqsic0P3uzigO7KUQw.. The process by which this law came about marks a serious blow to open, republican government. Feulner writes: Both chambers of Congress suspended their budget rules to push it along. And both the President and the leaders of the House and Senate have violated their solemn promises that the bill would be available for several days of public review prior to voting, so that the American people might have a chance to learn what is in the bill and to make their views known to their elected officials.
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