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Category: Readers' Opinions

Bailout bloviators

Oct 08

8:03 AM

The political posturing and bloviating of our elected officials is beyond nauseating. Now that their first bailout attempt was defeated, maybe our esteemed members of Congress will come to their senses and draft a bill that will help the people in their districts who are suffering severe financial losses.

Janice Mohr

Virginia Beach

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How it is

Submitted by charlesm on Thu, 10/02/2008 at 11:44 am.

If people are suffering severe financial losses, it is because they were willing to take risky chances and failed to consider their ability to live up to their financial obligations.

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Feeding the pin-striped pigs.

Submitted by donvabeach on Wed, 10/01/2008 at 10:47 pm.

Sorry, but Congress has not come to their senses. Far from it. The bailout in the Senate is now over $800 billion. One very disturbing portion, and I quote: "-Give the Treasury secretary broad discretion to buy virtually any distressed asset in an effort to get it off the books of a troubled bank or financial firm- ..." Translation: if a bank has bad credit card receivables, or school loan receivables, or car loan receivables, or perhaps even their exposure in credit default swaps....no problem! The Middle Class will pick up the tab. God forbid we let the Wall Street gamblers and charlatans pay for their years of reckless behavior. They win....we lose. Game....set...match.

This giveaway will go down in history as the point in our lives when we walked away from our Founding Fathers and the Constitution. Karl Marx would be proud. I am not. Feeding the pin-striped pigs of Wall Street does nothing for Main Street, except dig it into a deeper hole.

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