Taxpayers Lose $9 Billion In One Month from Bailouts

From the Associated Press:

Stock intended to eventually earn taxpayers a profit as part of the Bush administration’s massive bank bailout has lost a third of its value — about $9 billion — in barely one month, according to an Associated Press analysis. Shares in virtually every bank that received federal money have remained below the prices the government negotiated.

“We’re not day traders, and we’re not looking for a return tomorrow” said Neel Kashkari, the director of Treasury’s Office of Financial Stability…

Of course you’re not day traders.  You are thieves that didn’t bother to listen to the public when we told you NOT to bailout the banks with our money.  You’re also terrible business people.  Making bad investments is one thing.  Making bad investments with other people’s money is something else entirely.

As an example, let’s say that someone were to give me $3,000 to protect them and for the general welfare of their family for a few weeks.  Now, an appropriate use of that money would be something like installing some sort of security system in their home (e.g., a local police force) or ensuring that they have enough food to survive.  What’s entirely inappropriate would be something like me taking that money and buying 10,000 rotten eggs with the hope that the eggs will get better with time.

Well, the U.S. Federal Government has just spent a few billion of our collective money on spoiling eggs.  If they aren’t “day traders”, then they should stay the hell away from the stock market.  We the people gave our government very explicit authorities in the Constitution.  Under no circumstances did we give them the authority to take our money and throw it at failing companies with no regard for the risks involved.