Making a Bad Measure Worse

Those who ardently favored the massive bailout tried in vain to have it reported as a “rescue.” But even that term would have drawn angry Americans to the conclusion that it wasn’t they who were being rescued; it was the fat cats on Wall Street and elsewhere who would benefit.

Bailout proponents would be hard-pressed to find any member of Congress who could claim that his constituents favored the measure. One New Jersey House member stated that messages he received were running about 50-50. He clarified: “50 said 'No,' and 50 said ‘Hell No!’”

The genesis of the financial meltdown can be traced to federal legislation over recent decades. A flurry of laws approved by Congress and signed by Democrat and Republican Presidents required banks to grant mortgages to people who couldn’t make the payments. The process got to the point where a person living on welfare and unemployment checks became eligible for a mortgage. Not to comply with these asinine laws would mean trouble for bankers who tried to refuse. Of course, most didn’t refuse because the federal government promised to bail them out.

The House barely defeated the initial three-page $700 billion measure. But, only a few days later, after a round of arm-twisting and outright bribery, 57 members changed their vote in favor of an even worse measure filling 400 pages. Pork barrel sweeteners, mostly in the form of tax breaks, got added, and the final bill for U.S. taxpayers will total $812 billion. Who got these breaks? Wool producers, TV production companies, NASCAR racetrack owners, rum producers, and wooden arrow makers.

Consider: The House of Representatives voted NO on a measure that would cost $700 billion. Then, 57 NO members changed to YES and approved a new measure that will cost at least $812 billion. Obviously, some of those who switched from NO to YES did so because the original measure wasn’t bad enough.

In the midst of this on-going travesty, the National Debt Clock in New York's Times Square actually broke down. Only able to report thirteen digits (up to $9.99 trillion), this privately owned display has to be reconfigured so it can report that the U.S. government is now more than $10,000,000,000,000 in debt. It will be up and running soon again. But even it reports only the admitted indebtedness. If unfunded obligations for Social Security, Medicare, etc. are added (as they should be), the true indebtedness totals more than $50 trillion.

The burden of the indebtedness will be shouldered by hard-working and worried Americans who didn’t cause the problem. It amounts to what should be termed “Reverse Robin Hood.” Recall that Robin stole from the rich to give to the poor. Congress and President Bush — with Fed Chairman Bernanke at their side – have arranged to steal from the poor and the middle class to give to the rich Wall Streeters and others. Now you know why Wall Street moguls send so much money to candidates for office.

This absolutely horrible bailout should have many Americans searching hard for something to do about the terrible leadership our country is enduring. So let’s convert this huge lemon into a large glass of sweet lemonade by steering properly incensed Americans into action through the avenues provided by The John Birch Society. The time is ripe to swing into action and pressure Congress to act Constitutionally!