Conservative Republicans always want the government to stay out of business and avoid regulation as long as they are making lots of money. When their greed, however, gets them into a fix, they are the first to cry out for rules and laws and taxpayer money to bail out their businesses. Obviously, Republicans are socialists. The Bush administration has decided to socialize the debt of the big Wall Street Firms. Taxpayers didn’t get to enjoy any of the big money profits on the phony financial instruments like derivatives or bundled sub-prime paper, but we get the privilege of paying for their debt and failures. Let’s just consider the money. The public bailout of insurance giant (becoming a dwarf) AIG is estimated at $85 billion. According to one report, that’s more than the Bush administration spent on Aid to Families with Dependent Children during his entire time in office. That amount of money would also pay for health care for every man, woman, and child in America for at least six months. How did we get here? That’s pretty easy to answer, too. His name is Phil Gramm. A few days after the Supreme Court made George W. Bush president in 2000, Gramm stuck something called the Commodity Futures Modernization Act into the budget bill. Nobody knew that the Texas senator was slipping America a 262 page poison pill. The Gramm Guts America Act was designed to keep regulators from controlling new financial tools described as credit “swaps.” These are instruments like sub-prime …
www.moneysmartradio.com Matthew Sapaula drops by Fox to increase awareness of certain steps homeowners can do to protect their nest egg and prevent foreclosure. Check out his blog for more details and actionable steps you can take to protect your home equity and avoid the wave of foreclosures that continue to build. Plus, to receive your free e-zine, invitation to special events and LIVE workshops, register at http
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LYRICS: He drives up to her house She tells her momma goodbye She jumps into his car Their kiss lit in the radio’s light And they’re gonna fall in love tonight Underneath the Orange County sky They sleep on the beach Until they see the morning come Life was over before it begun We still got our MTV Jay-Z and Gwen Stefani Tivo for my sweet sixteen And prepaid AT&T The things that we think we need For our American dream We’re so perfectly Orange County She has a baby coming He quits school to get a job She stays at home alone Thinking where have the good times gone And they’re gonna fall in love tonight Underneath the Orange County sky They sleep on the beach Until they see the morning come Life was over before it begun We still got our MTV Jay-Z and Gwen Stefani Tivo for my sweet sixteen And prepaid AT&T The things we think we need Now that 2 become 3 We’re so perfectly Orange County, Orange County Where have all the good times gone? And she says, Where have all the good times gone? And they’re going to fall in love tonight Underneath the Orange County sky They sleep on the beach Until they see the morning come Life was over before it begun We still got our MTV Jay-Z and Gwen Stefani Tivo for my sweet sixteen And prepaid AT&T Marc Jacobs and Gucci gear We’ll pay it off in a year Credit cards to pay our debt So why aren’t we happy yet? Old pictures of you and me When we were young and were free And memories so perfectly Orange County Orange County, Orange County, Orange …
