The President feels that $100 billion will be a small price to pay in order to help out our trading competitors, and keep the Euro stronger than the Dollar.
The President told us, "The money is really insignificant. I can always print more. We need to protect the Euro so that the French can continue to scoff at us, and so people like George Soros and Warren Buffet can continue to reap huge profits by short selling the American dollar."
The cost of all these bailouts is prompting some Democrat lawmakers to suggest we need a stiff hike in personal income taxes to pay for them. "Printing more money is fine and dandy," one prominent Democrat Senator told us, "but what we really need is a huge tax hike to punish the rich and refill the accounts at the Treasury,"
And the Democrats know they must act fact... before the Republican House takes over next month. "Once they take charge, the party is over for us," the same prominent Democrat told us, under conditions of anonymity.
Not content to simply bail out huge American corporations and unions who donate money to Democrats, the Obama administration is now trying to bail out the entire world. From huge multinationals such as Citigroup and General Electric to small funds and Germany’s Landesbanken, the list of participants to the six Fed programmes is a who’s who of modern finance.The financial crisis stretched even farther across the economy than many had realized, as new disclosures show the Federal Reserve rushed trillions of dollars in emergency aid not just to Wall Street but also to motorcycle makers, telecom firms and foreign-owned banks in 2008 and 2009.
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