Both Bernanke + Paulson need to be fired!

$700 billion is a lot of money for one man to decide the fate of our economy. He has failed miserably in his job performance as of to date. Bush and Congress gave Paulson ultimate power to bring down our economy even more. The money is coming from tax dollars to bail out the private sector which sucks big time because it creates a moral hazard.

I do hope that it doesn’t pass. This is the exact same mentality of fear that was used to convince the American public to invade Iraq. They made the wrong decisions then based on weapons of mass destruction that didn’t exist. Now they argue that the economy will fail if they don’t get this bill passed. Bull! They won’t even admit were in a recession, and now they are running around with their heads chopped off.

So far we have had 12 banks closed with the recent one happening this last week.

NEW YORK (CNNMoney.com) — Ameribank Inc. was shut down on Friday by the Office of the Thrift Supervision, making it the 12th bank this year to go under.

The Northfork, West Virginia bank had total assets of $115 million and total deposits of $102 million, according to a statement on the Federal Deposit Insurance Corporation Web site.

The FDIC was named receiver and announced that it entered into purchase and assumption agreements with Pioneer Community Bank, Inc., Iaeger, West Virginia, and the Citizens Savings Bank, Martins Ferry, Ohio, to take over all of Ameribank’s deposits.

These banks and many more to come will not be helped by this stupid bail out which they have already done with Bear Stearns, Countrywide, Fannie Mae, Freddie Mac, and AIG. This is part of the recession process that weeds out bad business practices and excesses of the market. The decisions that the Feds are trying to enact are of socialist nature with silly excuses to incite fear. Big business will fail when they make the wrong decisions and should be allowed to fail. The government does not have permission to spend PUBLIC TAX MONEY to bail out their wall street buddies.

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YC | Internet Marketing, September 22, 2008:

It is ironic that The Straits Times Singapore today printed a full page article on the genius that is Paulson and Bernanke, and attribute them as modern day economic geniuses, with the formulation of this apparent ‘rescue package’ that will solve the current crisis.

Noted in the article were statements attributed to either of them, referring to the housing bubble having caused this. But they did not even acknowledge that there was a bubble at the start when it was staring them in the face.

Even the private sector do not dare touch those toxic assets with a stick, but now the American taxpayer is asked to be the sucker.

And if you want further proof, witness the move by Goldman Sachs and Morgan Stanley today – they have changed their status to gain access to the $700 billion – proof that they are in deep shit, but have also seen their chance to get out of it, by taking advantage of taxpayers’ money. These institutions should be allowed to fail. The cost might be a global economic meltdown, but it will help to correct the wrong moves and decisions. But if the $700 billion package is passed, it will only exacerbate the situation and the worst will be to come.