Congress Passes Bank Bail Out Bill
Congress has passed a bill which will be the beginning of bailing out the banks who have irresponsibly loaned themselves out of business.
The Fed argued for their creation after the panics, bank closures, and depression by saying that a central bank was needed to prevent those types of disasters.
After the Fed and banks pressured Congress to pass legislation that would protect them from bankruptcy fillings, they embarked and an unscrupulous and predatory lending campaign. The Fed accommodated them by increasing the money supply.
Now that they have, in collusion with other privately owned banks, created the very disaster that they are supposed to prevent, we are expected to bail them out. Homeowners are still not going to be able to pay their adjustable rate mortgages but, the banks will get more money to loan.
The bill also increased the maximum national debt by $800 billion to $10.6 trillion. This means that the Fed will be able to print more money and loan it to the government with interest and the people who own the Fed, instead of paying for their graft, will make more money. We will pay through taxation and inflation.
It is hard to say whether Congress is collectively stupid or collectively corrupt but there is no justification for letting them get away with this. Vote everyone who voted for this bill out of office.
