It has been awhile since we've heard from our good friend MADISON, but here is the latest dispatch:
Sen. Christopher J. Dodd, D-Conn., the Banking Committee chairman, said the legislation "would allow us to begin to put a tourniquet on the hemorrhaging of foreclosures in this country."
"What better gift on independence could we give the American people than a sense that this, their Congress of the United States, can come together, despite political differences, and craft legislation to make a difference for our country," Dodd said.
In reality it brings two gifts - one good and one not so good.
It is a great gift for Countrywide - the company which gave Senator Dodd a VIP loan for his private holdings (which the MSM almost completely ignored) Although he claims to not to have understood what the VIP rating entailed.
The not so good gift is for future generations who will be tagged with paying for this gift so that today's Americans can have a great sense of accomplishment from their Congress and be relieved of a little discomfort. When this $300 billion is added to the $160 billion economic stimulus package it will be nearly a 1/2 trillion dollar advancement in the debt owed by future generations - what a gift!!!!
Given the recent growth in the debt and those who are financing it, Communist China will have an even larger share in American life and larger interest only payments from American taxpayers each month. It will do wonders in helping them fund their military buildup.
A very sad commentary.
MADISON
PS The interest on our debt is the third largest expenditure in our federal budget AND soon will be number two.
As usual, MADISON hits the nail squarely on the head and drives the point home.
