BANK BAILOUTS WILL COST US PLENTY

I just received an email from Representative Ed Royce of Orange County.

Listen to what he is telling me. There is a bill before congress that will bail out the banks to prevent them from going under. First the banks get to rake in the bucks on tons of loans and then they get to dump their bad loans on the American people? I don't think so.

Here is how Mr. Royce puts it (btw, he is voting against the bill):

The bill included a $300 billion plan which would allow banks to dump their least appealing loans onto the Federal Housing Administration. By taking on these mortgages, we are shifting that default risk, currently held by institutions and investors around the world, onto the backs of the American taxpayers. Perhaps less obvious than the $300 billion bailout, but in many respects more egregious, is an affordable housing fund which would funnel as much as $600 million every year to activist organizations with long histories of both voter fraud and anti-free market advocacy throughout the country.

300 Billion dollars? Who's got that? Not America. We loaned all our money to other countries. Whatever money we have left is used to keep the lights on in Iraq for our troops.

I understand that the economy would be devastated and we could have another depression if the big three banks went under. I wouldn't even mind helping them out in some capacity, but first they should start by cutting into the millions that the CEOs are getting. You know those salaries won't be touched.

Now as you guys know from my past blog I have pulled all my savings out of the bank. I have it in an off site secure location just until this stuff blows over. And all my money is going strait in my gas tank. I have no more to give. So if a bank gets to reap the rewards of profit they should also pay the penalty of bad business decisions.