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Changing the world
one mind at a time
courtesy of werebear 
2nd-Oct-2008 01:56 pm
me
Why the Senate passed bailout is a load of rubbish or where's my unicorn and puppy?

I'm assuming since there's a lot of bad feelings about this shit in both parties I'm not breaking my no politics vow here. Among other things, I just can't get past the price tag. And I know people have tried to convince me we'll earn it back, but I can't help but feel Wall street is doing to the US what the US did to the USSR back in the 1980's... AKA force us into bankruptcy. We already are several trillions in debt as a nation, we're pissing money down a hole in military actions (whether or not I think those are justified, I won't say. I'm merely pointing out war drains money, particularly when we didn't take steps to get us out of a peacetime economy to pay for them), etc.

while the stock market fluctuations do hurt oh say my 401k and my possible inheritance when mom passes away (may that be a long time from now), it will eventually either fix itself, or go back to the 1933 regs that prevented this from happening. This "bailout" will not fix regular mortgages, unless congress is planning on paying all the "toxic" mortgages off for homeowners. No kids, this is welfare for the rich. And it leaves a taste like sour buttermilk in my mouth.

And what I find most amusing is that it's the congressional leaders of both parties fighting for the bill and the rank and file of both parties fighting against it.
Comments 
2nd-Oct-2008 07:59 pm (UTC)
'Further cements my thoughts on the party voters being different in completely different ways than the party leaders - whose primary differences seem to be who they promise the middle class people's money to, before giving it to the rich :/
2nd-Oct-2008 08:01 pm (UTC)
Pretty much. I'm amazed at how bitter and jaded I've become without hitting 40.
2nd-Oct-2008 11:24 pm (UTC) - It's not really a bailout as much as a buy out.
When banks start seizing up and failing one by one because there's no liquidity, the FDIC is overwhelmed, businesses start to go belly-up because they cannot secure capital, and consumer spending shrinks, eroding the economy, you may sing a different tune. We'll literally be looking at a Great Depression situation. I wish I were indulging in hyperbole there, but I mean every word.

This measure sucks. But the alternative sucks more.
3rd-Oct-2008 03:19 am (UTC) - Re: It's not really a bailout as much as a buy out.
I dunno. In a lot of ways I'm happy it's taking a while to pass much of anything after the "3 days or we're DOOMED!" this entire fucked up situation started with.
3rd-Oct-2008 08:44 pm (UTC)
I'm absolutely livid that this abomination passed. Especially now that the Senate porked it up real good. WTF is this crap with the arrows that they added to it? Somehow cutting the excise tax on a specific kind of children's toy arrow is going to help banks? seems to me that provision was added to buy the vote of the congressmen from the state where those arrows are made. It's FULL of shit like that.

And as far as liquidity and banks seizing up, I don't see it. People who QUALIFY for loans are still able to borrow money. The market will correct itself, SHOULD be allowed to correct itself and the losers on wall street should be left to eat their stupid hats for a change.

Our congress knows where the money for it's campaigns comes from. All Bush knows is how to spend our money. This bill will cost taxpayers in excess of $3000 apiece. If they had given that money to ME and given it to Lexi we could have done a LOT with that $6000. Hell we could have put it in stocks for that matter and watched as the stock market went up as millions of people put money into it that they got back from the government. It's OUR money. These congressmen keep saying stupid shit like "it's not taxpayers paying this." when in fact it IS taxpayers. ALL GOVERNMENT MONEY IS OUR MONEY WE PAID INVOLUNTARILY IN TAXES!

Ugh.

Support the Fair Tax. www.fairtax.org.
4th-Oct-2008 06:39 am (UTC)
Yeah, I keep coming back to "Didn't they tell us if it wasn't passed as-is in 3 days, the economy would collapse!"?

I mean seriously. The rank and file showed more sense than the leaders did. And now I get to listen to the leadership pat themselves on the back for bailing out folks who didn't really NEED more money.

I had one person argue that the US will make money selling the debts off later. But I keep coming back to "Uh, the reason the investments are toxic has to do with the fact people couldn't pay them." So now, to me at least, this is a bit like paying someone else's bad mortgage twice. Which is complete and utter bullshit.
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