Bailouts

With the gross negligence of accounting and definitive purpose, it’s no wonder why so many Americans are outraged over the bailout passed by Congress last October. House Speaker Nancy Pelosi has voted for every bailout effort to date. She voted “no” last January to block the money already earmarked. She now proposes bailing out the newspaper industry. Hundreds-of-billions of dollars have transferred with her approval from the taxpayers to the large institutions responsible for the poor investments that led us into our current economic crisis.

Few are aware that the government lost track of the money it has given out to these massive financial institutions as part of the $787 billion bailout. The money left the doors and it was anyone's guess where it went, or if it helped. Taxpayers, despite their lack of support, now must repay this money. The public is outraged as news continues to develop of frivolous and irresponsible spending by the recipients.

Pelosi has been at the forefront of this effort. She recently decided to pursue another bailout, one specifically for job creation. Her reckless spending is evidence that her long-term perspective needs serious adjustment. Or perhaps her agenda differs greatly from the constituents she represents -- be it America or specifically, and especially, San Francisco. One thing is certain, massive spending cannot fix the economy, especially when it is borrowed.