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Any form of bailout plan for the Wall Street banksters will be nothing less than grand larceny. They were all grossly enriched on their way up, and any plan you come up with will enable them to be similarly enriched on the way down. They should all pay dearly for their part in this financial fiasco, some of them with jail time.
The idea that a bailout plan will help “save the system” or the beleaguered homeowner who paid too much for his house is total deception. Any bailout plan will help the bankers, not the homeowner. A bailout plan will only stretch out the misery as it did in Japan, where from 1990 to 2004 housing prices dropped each year for a total of 64 percent. Worst of all, it stagnated the entire Japanese economy over that period of time.
Such a plan will essentially make slaves of us all, not just to pay what everyone knows are worthless mortgages, but the incredible debt and taxes to support the plan as well.
May I remind members of Congress that you took a solemn oath of office to protect and defend the Constitution of the United States, and therefore its citizenry. Nowhere in the Constitution is Congress granted powers to create any kind of bailout plan.
In my 30-plus years as a financial and management consultant, of which clients included local governments, I have never seen anything so burdensome, so brazen and, so blatantly self-serving just so Paulson and Bernanke can help their cronies on Wall Street.
Gentlemen, do your duty!
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