Wall Street Bailout Rage on Main Street

The $700 billion Wall Street and bank bailout proposed by President Bush, Treasury Secretary Hank Paulson, and Federal Reserve Bank Chairman Ben Bernanke, has generated a tremendous amount of rage on the main streets of America.

This has caused the offices of the members of congress to be flooded with irate phone calls, letters, emails, and on occasion unannounced visits of mad as all hell voters from back home. Seldom have the American people, Democrats, Republicans, and Independents, come together in such large numbers to protest a funding bill and financial plan.

Fannie and Freddie to be Taken Over by Feds: Reports

After the usual BS assurances by federal officials and top management at the twins of doom that Freddie Mac and Fannie Mae had sufficient operating capital reports surfaced late Friday that the day of reckoning was near. Freddie and Fannie may be taken over by the Federal Government as soon as this weekend.

The take over would be the largest financial bailout in America’s history and probably pretty much wipe out the common stock shareholders. The take over would add about six trillion dollars to the federal debt, not a very reassuring figure. In fact it may well bring into question the very credit worthiness of the United States government and add to the cost of all government attempts to raise money in the future.

Obama Change in Tactics May Prove Fatal

Barack Obama, once the darling can do no wrong presidential candidate of the media, seems to be on a slippery downward slope since his highly publicized foreign tour to the Mid East, Iraq, Afghanistan, and Europe.

“Barack Obama has long been his party’s presumptive nominee. Now he’s becoming its presumptuous nominee,” wrote Dana Milbank, a columnist for the Washington Post.

“As he marches towards Inauguration Day (Election Day is but a milestone on that path) Obama’s biggest challenger may not be Republican John McCain but his own hubris.”