After somehow winning re-election, George Bush’s ignorance and incompetence really destroyed the US economy. Were Americans that unaware of the president’s stupidity that they gave him 4 more years?
Anyway, Dymphna here and I have a few things to say about the new “financial bailout” package George Bush brought to the table? What a disaster of a plan this was! I mean, did congress not read the part of the bill that gave the treasury secretary sole authority over the 750 billion dollars, with little to no oversight? A lot of questions need to be asked in order to get to the bottom of what happened in the US, because it affects the entire World.
According to Dymphna Boholt's analysis originally, the so called bailout bill was supposed to be used to buy up bad mortgages. I talked about these mortgages and the problems they caused in earlier posts. Anyway, the treasury secretary was granted power to do whatever he wanted to with the money. The bill actually stated that not even the courts could question the secretary’s decision.
An inept congress put a provision in the bill to create an oversight board to watch over the secretary’s moves, however here we are a month later and the board has yet to be set up. Meanwhile, the secretary is out buying up bank stocks at his sole discretion.
Just this week, Hank Paulson, treasury secretary, decided that he wasn’t going to spend the bailout money on the bad mortgages. Hello! The world had to listen to George Bush for a week screaming “Get this bill passed or else the United States will collapse.” In haste, Bush pushed the bill and had it passed through Congress, backwards. And now the greatest economic power in the world has a socialist financial system.
Paulson, under orders of Bush, forced banks to accept bailout money in a group meeting a few weeks back. Many of the banks refused the money, but were told by the new financial czar that they MUST take the money, giving the government partial ownership of the major banks in the United States.
What was Bush thinking? This week, on news that the treasury secretary wouldn’t buy bad mortgages, the world markets plummeted. Again, some lost 5% of their value. George Bush might be finished as president of America, but the failures of his economic policies will have a lasting impact on the worldwide markets.
In Dymphna's final analysis, although world leaders are getting together to attempt a concerted fix, nothing will permanent will occur until after Bush has left Office.
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