LilBits's Blog

I, one of millions of taxpayers, would like to thank you Congressional Leaders for the wonderful treatment bestowed upon me for the bailouts, or rescue of the largest corporations in America, you were too kind in your generosity of our money, but next time before you decide to get in bed, can you take us to dinner first?  First, it was the $29 billion bailout of Bear Stearns, which transpired on March 14, 2008, however, by March 20, 2008 the Securities and Exchange Commission Chairman Christopher Cox said the collapse of Bear Stearns was due to a lack of confidence, not a lack of capital, for this I want to thank you for wasting more of our money.  Consequently, the Bear Stearns bailout that has been seen as an extreme-case scenario continues to raise significant questions about Fed intervention, and on May 29, 2008 Bear Stearns shareholders approved the sale to JPMorgan Chase at the $10-per-share price.

Now, after taking billions of dollars to help a company like Bear Stearns in May you all decided to assume control of Fannie Mae and Freddie Mac, for another $25 billion dollars because the US Secretary of Treasurer ascertained "that conservatorship was the only form in which I would commit taxpayer money to the GSEs".  This bailout was also approved by Federal Reserve Bank Chairman Ben Bernanke but who did not state that it would cost us taxpayers up to $200 billion.  Now, if anyone is keeping track that is two bailouts in a matter of months worth more than $225 billion thus far, but wait, there is more as AIG and Emergency Economic Stabilization Act of 2008 worth $700 billion dollars but could rise to trillions once everything is settled, again, could you take us to dinner first?

Hold the line as many taxpayers are not aware of the secret bailout pending of the auto industry that transpired last month around September 18, 2008 in which GM, Chrysler, and Ford want at least $25 billion in guaranteed loans, when were you going to tell us this tidbit of information.  However, “that plea ignited a firestorm of questions for CEO Rick Wagoner, who insisted that the government incentives he seeks - in the form of a proposed $25 billion loan to GM, Ford and Chrysler that's now before Congress - are not a bailout”, well what would you call it as a taxpayer, maybe its label could be rescue plan, that works better, right.  Let us now tally the bailouts or rescue plans thus far, wow, that would be too much for the average Joe Six Pack who is working just to pay the rent or feed his children or pay for the rising cost of gas to get around.  I personally am sick of bailing out or rescuing some corporations who have for years wasted their money and now want me and other taxpayers to pay for these severance agreements while the employees of these organizations are on the unemployment line or close to it.  I, a taxpayer, am requesting that not one CEO get a dime in severance pay, as it is unfair to take our money to give them another big check.

I am urging all taxpayers, let us put our differences aside and see that we are getting no dinner prior to giving away all that we own to bailout corporations who by the way make more in a few days than most of us make in lifetime.  We the taxpayers are looking at giving up more than one trillion dollars to help stabilize the economy, now I ask each one of you, who is going to help stabilize us when the need arise as it will not be the government as they have no money which is why they are using ours, right.  Tell me what you think about this mess, can you really afford to continue down this economic road to nowhere, as I would like these leaders to take me to dinner first, what about you?