There is a new bailout coming our way and we need to prepare ourselves to fight it. It has been called "The Mother of All Bailouts" by the former Chief Credit Officer of Fannie Mae.
This bailout will be bigger than the AIG bailout, bigger than the Citibank bailout, and bigger than the auto bailouts.
Perhaps the worst part of this bailout are the methods they are using to hide it from the American people. Don't be fooled. The purported good intentions of this bill (namely helping people with their mortgage payments) are only inadequate fig leaves on what will certainly be a gigantic fiscal disaster.
This could easily be another TRILLION DOLLAR spending spree by our out of control federal government -- once again, financed by our children and grandchildren.
We've already seen how Washington has no idea how much its unconstitutional boondoggles will cost.
For example: Obama's White House originally projected that the unlimited line of credit that has been granted to Fannie Mae and Freddie Mac would cost $160 billion dollars over 10 years. They've already spent $145 billion! They have spent nearly their entire 10-year budgeted amount in a matter of months, not years! Estimates for this bailout now range up to $1 trillion dollars over the 10 year period.
That's another trillion the American people cannot afford. Another trillion dollars spent in direct contradiction to the limits placed on the federal government by the Constitution. Another trillion either taken at gunpoint from exhausted taxpayers, or simply printed out of thin air by a complicit federal reserve. Our country is $13 trillion in debt. Our unfunded future obligations total almost $100 trillion. Our power-hungry politicians have no will to stop themselves.
They must think we're stupid. They must think that we don't see the ridiculous nature of their actions. They must think we don't care about the future of our country and about our Constitution.
Boy are they are going to be surprised.
It is now very clear -- we will not change Washington unless we stop sending the same old people there. The only way out of this mess is through the election of Senators and Congressmen who respect the Constitution and recognize that prosperity comes from liberty, not from a printing press. We need to elect more people who understand that liberty is only possible through a limited government--not the out of control, insatiable beast of a government we now have in Washington.
That's why our agenda of term limits, mandatory balanced budgets, an end to pork barrel spending and getting control of our fiscal future is so important. We need men and women who will stand up for freedom and fiscal sanity. People who have the will and courage to do what they know is right.
My friends, the future of our country is at stake. The consequences of inaction could not be more dire. We need to send a wake up call to the nation. A wake up call that will empower people to take back their country and return it to a nation of liberty, limited government and personal responsibility.
Rand Paul, MD