Bailout Buffoonery

I am slowly becoming a fan of Representative Scott Garrett (R-NJ), who represents New Jersey’s 5th Congressional district. I have seen him recently on various news and talk shows discussing current political events, and have been impressed by his “to the point” demeanor and conservative take on issues.

While perusing over his government biographical website, I clicked a link to his December 10th speech delivered on the House floor regarding the Auto Bailout Bill, where he nicely summed up some observations I myself had regarding the backward way in which these bailouts have been implemented.

In early July of this year, Congress passed a housing bailout package called, in Obama-esque fashion, the “Hope for Homeowners” bill. This was a $300 billion package aimed at helping borrowers, threatened with losing their homes, obtain a new government-backed 30 year mortgage. The bill was not put into actual effect until October 1st, and hearings were held as to how to implement the bill’s procedures nearly 4 months after it’s creation, in late fall.

Similarly, the same delay happened with TARP, the “Troubled Assets Relief Program”. This humongous $700 billion financial institution bailout package was passed into law on October 1st, yet hearings disscussing how to implement it’s features were not held until December 10th.

Next up: The rescue of “Government-Sponsored Enterprises” Freddie Mac and Fannie Mae. Nobody really knows the true amount that the government will eventually inject into these two failures of social engineering, but estimates range from anywhere between $500 billion and $2.5 trillion (shudder). The takeover of Freddie and Fannie was announced on September 7th. Ironically, again, not until December 10th were hearings held on why this was necessary and how to proceed with the implementation of the “plan”. (A footnote on this: The committee, headed by the odious Representative Henry Waxman (D-Rodentville), called to the hearing the current and recent CEO’s of both companies to, a) figure out what happened and, b) to HELP FIND OUT WHAT COULD BE DONE TO FIX IT! Brilliant, Henry! Let’s ask the boobs who destroyed the companies for help!).

These all beg the question: Why would Treasury Secretary Paulson and the government in charge of enacting these plans allocate funds in upwards of $1.5 trillion dollars before thoroughly having actual discussions about planning and implementation of these programs?

As the head of a household, I need to have my budget planned out first lest I start blindly paying my bills.

It took these people months to get to the point of assigning actual rules of implementation for programs consisting of staggering amounts of money, not even taking into account the complexity and magnitude of importance represented by these controversial plans.

Even two guys from Jersey can see the bass-ackwardness of that.

By Shawn Mallow

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