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Decline and Fall (Maybe) December 5, 2010

Decline and Fall (Maybe) December 5, 2010

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Published by Michael Collins

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Published by: Michael Collins on Mar 21, 2011
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03/21/2011

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Decline and Fall (maybe)
Michael Collins
The Money Party
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 termdeception by a public figure or in terms of an intended policy. When uncovered, thebetrayal indicates that the politician or the policy was something other than as advertised,usually the exact opposite. What will the public response be to these massive betrayals?
When the original $700 billionbailout was originally proposed in September of 2008, itfailed. Congressional staffers reported more calls thanthey'd ever received on an issue with twenty to thirty toone in favor of denying the bailout. The House turned itdown. Shortly thereafter, both presidential candidatescame 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 included in the bailout. It ended up being about $50 billion. HuffingtonPostreported that over two years into the program, the Obama administration "will spend $12billion" on mortgage relief. But if you read the fine print of theCongressional BudgetOffice, you find that we've only spent $710 million so far. If you look a little further, thesteadfast special inspector general for the bailout program,Neal Barofsky, said just lastmonth that mortgage relief funding was being provided an
anemic
. There's no reason tothink 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 promise of something for homeowners in trouble from the fraudbased real estate bubble get less than 2% of the $50 billion originally promised. Missionaccomplished!No room at the inn for us.

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