Another Federal Bailout: “I Told You So,” Says Bob Barr | Libertarian Party “It appears that President George W. Bush should say that we are all socialists now,' says Barr, as he explains that the government has now taken over insurance giant AIG with an $85 billion loan, for which it received an 80 percent equity stake in the company. 'In other words, the federal government now will own and run one of the nation's largest insurance companies.'
“This administration, supposedly devoted to free markets and fiscal responsibility, has bailed out the housing industry, the quasi-government mortgage companies Fannie Mae and Freddie Mac, the investment house Bear Stearns, and a leading insurer. What’s next?” asks Barr.
“And how will we pay for this ever-rising bill for corporate welfare? The national debt already runs $9.5 trillion,” Barr explains. “The deficit this year will run a record $407 billion. Next year the red ink will be even greater. And there are trillions upon trillions of dollars that will come due under Medicare and Social Security as the Baby-Boomers retire,” he adds.
Thursday, September 18, 2008
No one voted to pour taxpayer funds into Wall Street. And no one voted for the government to take over an insurance company.
Nobody voted before the spending of the money for a bailout of AIG.