CNN, NBC, ABC, etc. have reported that congressional leaders are not calling the bailout a “bailout” anymore. It gives the wrong impression, so Nancy Pelosi calls it a “buy-in.” This semantic revision does not change the facts. Does our Congress believe Americans are stupid?
This from a Los Angeles Times blog.
“House Speaker Nancy Pelosi, evidently with a straight face: “This is not about a bailout of Wall Street. It’s a buy-in so we can turn our economy around” and protect the assets of ordinary Americans. Well, now I feel so much better about it. I’m buying in! I’m getting a piece of financial products that are so worthless that there’s no market for them.”
Watching Larry King on CNN I heard Ben Stein, a strong conservative economist, say that the government should be giving aid to home owners not to Wall Street bankers. Paul Krugman, a strong liberal economist, agreed.
Why is Congress so determined to bail out Wall Street? Neither the presidential candidates nor any other elected officials have provided a reasonable explanation. This lack of clarity is the reason that so many people do not participate in the voting process. Where is the “straight talk express” and where is “change you can believe in?” The lipstick doesn’t work.
Coast Contact 