I have received more calls about the Wall Street Bail Out Scam in the last 24 hours than about anything else that has happened in the past few years.
Without being enough of an expert to understand what has caused the collapse of major Wall Street firms and, as a result Henry Paulson, Secretary of the Treasury, is asking Congress for a "blank check" to save the failing firms and the reputation of the Bush Administration, one can see obvious causes. 1. Bush has had a record high budget deficit every year that he has been in office. The current year has a record-high budget deficit of $482 billion. The Bush administration has been telling us that these deficits do not matter as rapid growth will erase them. 2. Everybody has been refinancing their houses at the exceptionally low interest rates being offered. Essentially, home owners were offered free money which many of them took. Now, they are in danger of losing their houses in which many of them have lived their entire lives. This is why both McCain and Obama are telling us that that we have to save these people from being evicted from their homes by writing a blank check to Mr. Paulson. I give one example from my own experience. In 1999 I lived for one year in a house at One Campus Place in Cypress Hills, Brooklyn New York. That house was for sale for $85,000 and every prospective buyer said that that was too much. Finally, the house was sold and I moved out. Now, only 8 years later, that same house is for sale for $450,000, an increase of five times. Obviously the buyer (who was a family of 15 people all from the Dominican Republic) has refinanced the house and taken the free money. Now, they want Henry Paulson and his "blank check" to come and save them from being evicted. Is it right that our taxpayer dollars are to be used to save these people? Sam Sloan
