Sens. Dodd, Gregg: "No More Bailouts On The Horizon" - September 17, 2008
Ahhh, remember when the bailouts were in their infancy and the still carefree and credit drunk American populus was only moderately outraged by Paulson's (then) piddly bailouts? After all, Bear Sterns only cost us a mere $29 billion, Fannie and Freddie--well, that's a work in progress, but at the time we were quoted a figure of $100 billion each and AIG came in at $85 billion (their first helping at the Treasury cash buffet).
I don't believe the American public is as outraged by the almost notional $8 trillion spending spree, but have rather become completely desensitized to the USG's flirtation with madness. The whole concept of 1000 billion is lost on people who can only aspire to earning one million dollars over the course of a lifetime. The recent Black Friday killing spree shopporama aptly demonstrated American collective case of disassociative disorder in relation to spending and debt.
Here's another couple of pearls from Dumb and Dumber:
Christopher Dodd (D-CT), who leads the Banking, Housing and Urban Affairs Committee, agrees that "doing nothing would be even more disastrous." He says the AIG takeover is "sad and tragic," but he believes it's the beginning of the end for the financial crisis.
Both senators say they see no more government bailouts on the horizon. No other financial entities in trouble meet the standard of Fannie Mae, Freddie Mac or AIG — "that they would melt down the entire system if they went under," Gregg says.
Priceless!
http://www.cnsnews.com/Public/content/article.aspx?RsrcID=35892
