Decline and Fall (Maybe) December 5, 2010

Decline and Fall (maybe) Michael Collins The Money Party December 5, 2010 http://www.themoneyparty.org/main/?p=346 How numb are we? This was a remarkable week for a special genre of political scandal - betrayal of the people. These aren't normal scandals or the expected outrageous behavior by scandalous figures like Sarah Palin. Betrayal of the people requires a long term deception by a public figure or in terms of an intended poli cy. When uncovered, the betrayal indicates that the politician or the policy was something other than as advertised, usually the exact opposite. What will the public response be t o these massive betrayals ? No room at the inn. When the original $700 billion bailout was originally proposed in September of 2008, it failed. Congressional staffer s reported more calls than they'd ever received on an issue with twenty to thirty to one in favor of denying the bailout. The House turned i t down. Shortly thereaft er, both presi dential candidates came to Washington in one of those bipartisan moments (were we really get nailed) and the bill passed. (Image) As a sign that Congress wasn't completely biased toward Wall Street, a mortgage relief fund was i ncluded in t he bailout. It ended up being about $50 billion. HuffingtonPost reported that over two years into the program, the Obama administration " will spend $12 billion" on mortgage relief. But if you read the f ine print of the Congressional Budget Office, you find that we've only spent $710 million so far. If you look a little further, the steadfast special inspector general for the bailout program, Neal Barofsky, said just last month that mortgage relief funding was being provided an anemic. There's no reason to think that the remainder of the $12 billion for mortgage relief will ever get spent. Now that's a serious betrayal of the people, who got the bailout crammed down their throats. We find that the pr omise of something for homeowners in trouble from t he fraud based real estate bubble get less than 2% of the $50 bill ion originally promised. Mission accomplished! No room at the inn for us.

Decline and Fall (Maybe) December 5, 2010

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