And I’m the degenerate gambler?
So, if we listen to the talking heads, we apparently have two choices (and you smart people feel free to correct me if I’m wrong here)…
1) We don’t bail out the gamblers and the economy collapses. Apparently, this is supposed to happen when things get so bad that businesses can’t get short-term loans to pay their staffs, the staffs go without paychecks, don’t pay as much in taxes, government services can’t afford to operate, and everything falls apart. Really? I mean, if you’d asked me yesterday, I would’ve guessed the commercial paper market was something like Dunder Mifflin. But it’s that bad? We don’t bail out a bunch of people who obviously couldn’t manage money in the first place and suddenly nobody has jobs and the government can’t afford to operate? Really?
2) We spend $700 billion dollars bailing out the people who caused the problem in the first place. Meanwhile, the masterminds behind the scheme walk away (really, really rich) and the American taxpayer fronts the bill. Even if America doesn’t have to pay the whole $700 billion, it’s still going to be a lot. Where could that money be going? Bridges, roads, keeping ‘merica safe… Hell, it could help fund another war!
You know what sucks about having these two choices? Well, how about this? Both of them suck, we’ll be paying for something that’s not our fault, and people of my generation will probably see the exact same thing happen again before we die.
Next time anyone tells me poker should be illegal because it’s “gambling,” I’m going to punch them in the uvula. At least if I lose at cards, I don’t walk away rich and then count on the city council to make sure my family stays afloat.
Hear hear!
I’ve heard that 700 billion is the number they threw out that they, (govt) thought we could live with. The real number is more like 2 trillion.
im scared.
i never thought i would say this, but im very pessimistic about the future.
i watched the senate hearings today…and im not convinced that even if they did pass the bill it would fix the problem. i have lost confidence in america, and i wonder, how long till everyone else does? i daydream about what to do when the dollar collapses, and where im going to go when there are food shortages in denver.
this is all crazy talk, i hope.
This is fraud. Bold, out in the open, in your face, whatthefuckareyougonnadoaboutityouserf Fraud.
This is presented to you as a Must Be by The Rulers. Save a few faux arguments regarding the method of implementation, it is a Will Be. You do not have a choice. Dismantle/collapse is inevitable at this point, the bailout is just picking clean the last few bones.
Buy food. You can’t eat Hope.
I’ve been a big Bush supporter for a long time, but you all are right regarding this $700B cash grab. It’s not been just Republicans however who’ve created this mess, It’s been the whole lot of Congress. I’m talking to you Senator Dodd…(head of Banking Committee that took more money from Fannie/Freddie than anyone-the bigger problem is that Congress let Fannie/Freddie, a quasi-govt agency lobby as if they were private, when they were not – and they all took money)
Here’s the rub: With option 1, there’s a TON of short-term pain. Businesses will collapse, cars won’t be bought, and the housing market will continue to wallow. But the economy will come out leaner, meaner, and more efficient in the long run. Call me an idealist, but I don’t think that I should NEED loans to pay staff if I run a business. My business should make enough money to meet payroll and all other expenses, and turn a profit. Paulson and Bernanke keep talking about how this bailout will continue to stimulate expansion. Guess what? America is BLOATED, you need to contract before you can expand again.
The thing is, there will still be loans, but the rates will be astronomical.
Option 2: Will have short-term gain, buoying up the economy, these businesses, MAYBE housing and auto too (I guarantee the big 3 will reach out their hands). It will long-term cause a lot more damage. The financial world is very simple-minded… if you offer them money, they’ll take it. Taxpayers will pay this off a long time, especially the way Paulson and Bernanke are talking about buying this bad debt. The most asinine thing is that they keep saying that taxpayers will MAKE money long-term because these debts will end up being worth more money at maturity.. which is bullshit. The banks can’t figure out what they’re worth, I’m sure the Fed can’t either.
It’s a knee-jerk reaction that could be disasterous.