Tuesday, September 23, 2008

Bernanke kills bailout with failure to apologize

Mark the time and date: 12:07 p.m. CDT, Tuesday, Sept. 22, 2008.

That was when Federal Reserve Board Chairman Ben Bernanke showed the American people that he first represents the interests of Wall Street. Taxpayers, homeowners and the nation's most vulnerable be damned.

In questioning by Ohio Sen. Sherrod Brown on the Senate Banking Committee, Bernanke was asked if Wall Street should apologize to the American people. The senator's question was prefaced with the fact that the households income of many people around Cleveland -- of $40,000 to $70,000 a year -- was not even enough to cover the country club membership dues of the fatcats being bailed out.

Bernanke stepped around the question, trying to rationalize away who does business on Wall Street and how. The senator asked that his question be answered. Bernanke continued his despicable dance around the obvious.

That moment should be remembered. It showed that the bailout is not to help you and me but to continue a heroin-addicated-like pattern of historically propping up an industry that does not deserve it.

The American people must now allow this bailout plan to pass.

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