George Washington’s Blog
Sunday, Sept 28, 2008
An article in CNBC states, “The U.S. Congress and the Bush administration were under intense pressure on Saturday to negotiate a $700 billion rescue”.
Who is putting intense pressure on both the White House and Congress to pass the bailout?
Not the American people, who overwhelmingly oppose the bailout.
Not American economists, former treasury secretaries, chairmen of the FDIC, or the Congressional Budget Office, who all say that the bailout won’t work, and will actually harm the economy.
So who is putting the intense pressure on our government?
Maybe its just America’s financial elite.
But consider that many financial analysts say that the real reason that the government bailed out Freddie and Fannie is because China demanded it. And there were rumors last week that China instructed its banks to stop lending to U.S. banks. The U.S. owes trillions of dollars to China which, along with Japan, Saudi Arabia, and other creditor nations, is keeping America afloat. If they pulled the plug, the U.S. would instantly default on its obligations.
They say that economics and finance are now global. Perhaps corruption, blackmail and tyranny are also.
This article was posted: Sunday, September 28, 2008 at 3:44 am