That being said, this whole situation cries out for a giant WTF. I mean really folks. I just don't know what to think about this nightmare. So let's start with what I do know.
First, I don't know crap about economics, never took a class and consider my major mathematical accomplishment to be that I do balance my checkbook. However these banks sold mortgages around to each other is something that simply escapes me. It just makes no sense. Maybe banks shouldn't do things that don't make sense to the mathematically and economically challenged individuals like me and we wouldn't be in this whole stitch. Too late, and we are, so moving on.
Second, I really don't like the idea of handing over money to the jackasses who didn't know how to deal with it in the first place. You might as well hand heroin to a junkie and tell them to enjoy. Not smart. That being said, it would seem to me after yesterday's nose diving stock numbers that if nothing else this money will make those dudes and dudettes in the ridiculous jackets chill out and stop gesturing as wildly. (Which always leads me to think of the scene from Ferris Bueller where they visit the Chicago Exchange—classic. But I digress.)
Thirdly, if giving these asshats a big, fat check is the only solution, then just freakin' do it already. Stop your dithering, Republicans. It isn't exactly like you guys have been the party of fiscal responsibility the last eight years. And you pick NOW to finally stand up to Dubya? Really, killing thousands of our men and women in uniform was something you could get behind, but handing fistfuls of cash to your Wall Street cronies and funders—that wakes you up in the middle of the night? Again I say—WTF? The GOP has been funneling money to these people with their tax loop holes and other manner of nonsense for years and god knows they have returned the favor, pouring money into your campaigns. So way to develop a conscience now you chicken shits.
Lastly, while I say better late than never on the GOP and this whole conscience thing they are giving a whirl, I still can't help but catch the faint whiff of bullshit in the air. I mean, come on! Nancy Pelosi gets up there yesterday, says vote for this and by the way, you and your monkey in the oval office got us into this mess in the first place and what do the House Republicans do? They grab up their blankies and sippy cups and hightail it out of there. So not only did you create this disaster in the first place with all of your deregulation, and you won't cop to it, but now you won't do anything to fix it because some "woman" insulted you.
Dear god. Go the fuck home and see what your constituents have to say about this. God knows I don't want to be moving my family into a refrigerator box ghetto anytime soon or (shudder) even worse, my parents basement.
3 comments:
I usually have no trouble at all forming strong opinions about anything, but this financial mess has me semi-stumped. Like you (and probably 95% of the population) I don't have the high-level economics expertise to offer a prescription. I'm willing (somewhat) to agree with experts who feel that there could be a tipping point in the consequences of inaction, after which everyone will wish they had supported some sort of action. But how long can we put it off? I also agree with you (and Obama) that we are witnessing a worse-case scenario downside to Reaganomics -- to this day, 100% embraced by John McCain, and that a Republican majority Congress and Republican Adminstration was instrumental in getting us here.
Having said all that, I can't say that I know enough to know which direction an appropriate solution should take. Who to trust? I simply don't trust anyone right now. What -- we're supposed to believe W - the guy who sold us the "we must have this war NOW to save the world from Sadaam and his WMDs? And his countless other lies? And we're supposed to accept a plan crafted by the former head of Goldman Sachs, who I'm guessing has a massive cadre of fat cat friends in the wings? I can only be encouraged when I hear that taxpayer protections and other conditions are being built into the plan, through a bi-partisan effort - but what is enough, and what will work? I'm even cynical about the credibility of the millions of American taxpayers who are all of sudden (after 8 years) a bunch of economics gurus who are outraged at the greed of Wall Street and whoever they think is ripping them off. Really, people? Where was your outrage over the Bush Administration selling you down the river time and time again and running up the highest deficit in history? This shit has been building for a long, long time, so I don't believe people should be allowed to start whining the first day in a decade they start paying attention. To me, it is no better that we owe the Chinese a $Trillion, also due to greed, bad policies, and general incompetence of GWB.
Laura Tyson says, the problem is partly semantic - they shouldn't be calling it a "bailout," which sounds like we all lose. She says it's a plan to normalize the current "contraction of credit", that will allow life to go on for all of us, and that there will be an equitable happy ending down the road. [all my paraphrasing].
I didn't solve anything here…but I guess I do have an opinion or two on the subject. Thanks for giving me a place to vent!
amen. i should have said in the post that i don't think the initial bill was something the congress should have signed off on. there needs to be oversight over this whole shebang, what ever it is, and there needs to be some guarantees that we will get our money back (the taxpayers) as well as that the CEO won't walk away with big bucks.
and that is about all of this my brain can comprehend.
I don't know either. However, it seems Congress is getting an earful mostly from folks against the bailout. In other words, let the chips fall where they may and we'll come through somehow. Which I kinda admire. I mean, if you bail out a system that wasn't working, you really haven't changed anything. Sure, there will be consequences, but we'll have consequences anyway. Putting them off won't make them go away or make them any less painful. Maybe our economic system needs a jolt, and maybe that means bad news for lots of people, me included. Tough love, you know. Instead of reality shows about celeb mansions, we'll have HGTV showing how to spiff up that cardbox box with what you find on the street!
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