Posted by
April L. Watkins on Thursday, March 26, 2009 8:59:02 PM
Americans are outraged - downright angry! How dare AIG pay its executives millions of dollars in bonuses, after begging for money - taxpayers’ dollars- to save their firm!
The White House has done a brilliant job in BAITING the media outlets with this outrage. This anti-AIG sentiment has dominated the news for almost two weeks. Granted, we have all been stunned by the audacity of AIG’s executives; however, that was NOT the bad news.
No, no…The truly bad news- THE SWITCH - comes this week, while Americans are already so focused and angered, that they will most likely miss the bait-and-switch of the Obama Administration.
Over the weekend, we have learned that the Administration plans even more spending, to the tune of $2 Trillion - a much more significant amount than the $168 million in AIG bonuses. The surprise expenditure includes an estimated $1 Trillion plan to overhaul the financial system, and the creation of a new government entity with a budget of - yes, you guessed it -$1 Trillion more! All of this comes in the wake of the release of the largest budget in history - $ 3.6 Trillion - proposed by the Obama White House (an increase of$700 billion from the FY2008 budget proposal).
The Associated Press reports that Obama’s financial system overhaul will give the government “new resolution authority to take over troubled institutions that would pose a threat to the entire financial system if they failed.” Under this new plan, the Treasury Secretary would have unprecedented powers, including oversight and regulation of compensation for executives at all banks and investment firms. Opponents fear that this could well extend to other companies, both public and private.
Additionally, Americans will be saddled with, yet another government entity, the Public-Private Investment Program (PPIP), whose mission is to purchase toxic assets from banks. PPIP will be allocated a whopping $1 Trillion for such purchases. While the White House hopes to attract partnerships from private investors by offering low cost loans for toxic asset purchases, economists predict that investors will be leery of such offerings as well as the strings that are sure to be attached.
WAKE UP AMERICANS!
Leery…I’d say! It is past time that we should all be concerned for the future of our country. The actions of the Obama Administration and our feckless Congress are quickly placing our nation in peril. Meanwhile, We the People sit back and do nothing!
It is difficult to miss the intention of Obama and the liberal Democrats on Capitol Hill. Their goal of a socialist government has become blatantly clear with this latest $2 Trillion plan. They are systematically seizing control of America’s financial markets with words of implied protection for the public interest. They are enslaving us and future generations with a debt that grows larger with every bright idea from the liberal left.
Never before in the history of these United States have we seen such blatant disregard of free enterprise, which is the basis of our economy. Never before have we seen such accumulation of power and authority granted to so few individuals. We need change, but this is not the kind of change America needs. This is socialism!
And that is…Why It Matters.