Can the United States Congress act on behalf of the People for the first time in many, many years? We will see, it looks like the Democrats are willing to go along with the Bailout Plan while the Republicans in the House have suddenly refused to play ball and want a different piece of legislation's, as of yet unveiled. The Democrats should do the same, they first make sure this is necessary, it certainly reeks of social and economic injustice, then they should present a plan that fits the actual need.
Yesterday in the mist of the Financial Bailout hearings and conferences Congress sent the Automobile Industry a 25 Million Dollar Bailout Package, now the FDIC says it it in need of 150 Billion Dollars. The Credit Card Banks haven't even stepped up to the plate yet, image how much they will be requesting, 2-3 trillion dollars because of rapidly rising Credit Card Defaults.
None of these Companies should have been Bailed Out, but now that Freddie and Fannie were, maybe it is time to look in their direction to solve the current problem. Congress should re-charter Fannie and Freddie to be an actual Department within the Federal Government whose sole purpose would be to collect the mortgage payments. The The Congress should fund the purchase of the so called "poison assets" from the failing banks for .20 on the dollar. If the Banks can bot survive after being paid 20% of the value of the mortgages then they should be allowed to fail and sell their assets just as thousands of small business people have had to do because of the failed policies of the Republican Party and their Representative in the White House, George "Hoover" Bush.
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