So, the Bush & Paulson Gang played bait ‘n' switch with Congress and sold them on a $700-billion economic rescue package. They promised to remove toxic assets from banks’ and other financial institutions’ balance sheets, thus liberating lending to businesses and consumers to fuel spending and investment. After they made that sale, they did nothing they promised. Instead, they took a first, giant step toward nationalizing the banking system, making the government a major owner-partner in top tier banks, and using all the money to facilitate mergers, pay executive bonuses and for other purposes still kept secret from taxpayers.
With all that money gone already, in the final days of Bush these same institutions were handed fresh potloads of money. This naturally brought forth an apparently endless parade of companies and entire industries, city and state governments, and others threatening unspeakable horrors if Congress didn’t fill their big trick or treat bags with candy too. Boo. Congress is easily scared.
What occurred here is the largest bait and switch scam in history, stealing money from every taxpaying consumer. It probably won’t ever be prosecuted. It isn’t even cast in this light by most of the media.
Well, that was the rescue package. Now Obama is busy peddling his stimulus package, using exactly the same bait and switch scheme, the same fear and panic tactics to create urgency. Once it is sold, we buyers will discover there’s damned little stimulus in it. It’s not about stimulus at all. It is, in truth, a government expansion package of epic proportions and far-reaching consequences. He is selling one thing with no intent whatsoever of delivering it. He is even willing to bait ‘n switch day by day while selling it, a feat no other switcher has ever been so bold to attempt. Look here, boys and girls, $3,000.00 for every employee you hire. Sound good? Ha! Changed my mind in just 48 hours. Now you see it, now you don’t. Big grin. He’s just so charming, how dare we call him a liar and thief?
In Eric Holder’s confirmation hearing to become America’s top law enforcement officer, he spoke poetically of his passion for protecting American consumers more vigilantly and aggressively than we have seen of late. A fine question to have asked would have been: will you enforce on government, politicians and the President the same consumer protection laws imposed on business? Will you prosecute bait ‘n' switch wherever you see it?