February 23rd, 2009, Fairfax, VA—Americans for Limited Government today launched StopBailouts.net, an online petition in response to President Barack Obama’s $2.8 trillion financial plan to urge Congress to halt what ALG President Bill Wilson termed the “greatest theft in human history.”
“Throughout 2008, and now into 2009, Congress, the Treasury, and the Federal Reserve have otherwise committed, appropriated, borrowed, and printed some $10 trillion for the largest financial bailout ever,” said Wilson.
By Wilson’s count the bailout is “astronomical on an order not yet seen: $2 trillion in FDIC assurances, $1.75 trillion in Federal Reserve commercial paper purchases, $900 billion in term auction facility lending, $600 billion to insure money market funds, $600 billion to cover Fannie and Freddie’s worthless mortgage-backed securities, $550 billion for discount Federal Reserve loans, $500 billion to insure FDIC deposits, $300 billion for FHA mortgage relief, $250 billion for Citigroup debt, $225 billion for securities loan facility lending, $200 billion for Fannie and Freddie’s debt, $112 billion for A.I.G., $700 billion for the TARP, and finally, $787 billion for ‘stimulus.’”
“And that’s not even counting interest,” Wilson noted.
“Now, the Obama Administration wants the American taxpayer to once again take responsibility for the irresponsible by committing more than $2 trillion to keeping delinquent borrowers in homes they can’t afford and bailing out banks that were forced by government to make the bad loans in the first place,” Wilson added.
Several economists, financial analysts, and policy makers have noted that “easy money” from the Federal Reserve, coupled with excessive lending and a record expansion of credit, fueled the housing bubble.
Wilson believes that there is increasing frustration on the part of taxpayers and homeowners “who play by the rules and bear no responsibility for the errant government policies that fostered the financial meltdown.”
Wilson is urging angered citizens to take action in addition to signing the petition by contacting their Congressmen and Senators.
“Congress can put a stop to all of this nonsense, but they will only do so if their constituents keep up the pressure on members,” said Wilson.
“The ‘stimulus’ debate may be over, but the battle over the bailout will continue,” Wilson promised.
Wilson predicted that eventually the bailout would be defeated.
“The people intuitively know when they are being robbed. There is genuine anger out there on the part of taxpayers and homeowners who do not want any part in paying for somebody else’s poor decisions,” Wilson concluded.
Interview Availability: Please contact Alex Rosenwald at (703)383-0880 or at firstname.lastname@example.org to arrange an interview with ALG President Bill Wilson.
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