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Not another Wall Street bailout thread.
    #8985483 -

Alright, here are my thoughts on the bailout and trying to understand it all. Long post, but I tried to think it through.

Spontaneously, Bush presents this absurd 3-page bill demanding no oversight over what will end up being $1 trillion (that number has no citation according to the Treasury) to purchase vaguely defined mortgage-related assets, which will more than likely go to the clearly failing financial institutions. 

The benefit to tax payers, home owners, and struggling general public is incredibly unclear, but it is clear the well-paid affiliates of these large financial institutions will be safe and buffered, as the Federal Government under the Secretary of the Treasury will purchase their irresponsible debt at the tax payers' expense, and will act in the best interest of the economy, flinging money at it as the Secretary sees fit. From previous accountability issues, can we instill that kind of trust?

Bush for the first time in a year publicly addressed the U.S. by using fear mongering to instill panic over this vague bill, and demanded action similarly to how he demanded Iraq War funding pre-election 2004.  Under the buckle, the Senate races to make sense of it all and has decided to add, from the last I heard, 42 pages of provisions to this bill so that it benefits the tax payer and maintains some form of oversight.  It will be easier to decipher once the provisions become public later today(?).

The GIANT problem:  It seems the election frenzy and political fever, coupled by this financial crisis, has crippled everybody's judgment.  Now the Senate, and I assume the Congress, will agree action on this large of scale has to be taken, because the general consensus I've heard today is a bipartisan agreement not an all out denial.  Why?  How did that happen?  How can our elected representatives buy into this shit?

I feel the Senate has fallen victim again to this false sense of urgency instilled by Bush, the presidential candidates have disastrously fallen for it in their own ways, and now everybody thinks these steps have to be taken to protect.....who exactly?  There is no way in hell we should trust the Secretary or the current administration with these sort of funds, as they have proven their lack of competency repeatedly.  Bush is trying to sneak in this huge check for his constituents tied to these financial institutions, and even the general public is buying into it and caught up with the candidacy. 

MORE IMPORTANTLY:  Say the Senate and the House make all these provisions to provide oversight and everything necessitated to make this look only like a half-assed bad idea, what is stopping Bush from doing line item vetoes to pass the outrageous bill he originally intended to pass?  Nothing has stopped him from that so far in other spending bills.  Passing this bill in any form appears to me to be dumping another trillion we, the American people, don't have into the hands of greed, mismanagement and unaccountability.

Please discuss.  If anybody has any really definitive outline on how the general public will benefit from this bold thievery, please share, because I'm currently :crankey:

/rant.


--------------------
When it rains, it spores :shroompick:

"Consciousness is the Universe recognizing itself." Once we perceive that everything is conscious we can then ask, "How does consciousness take all these varied forms?" - The Primacy of Consciousness by Peter Russell

All works of poster are of absolute fiction to be used for no other purpose but amusement.

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Re: Not another Wall Street bailout thread. [Re: jazzillion]
    #8985656 -

The fact that it is being rushed while being vague about the dollar amount, should give you a hint of whats to come of it-more sloppy messes to be cleaned up.

That's okay, we can always go to the Treasury and have them print up more money.

Weeeeeeeeeeeeee



edit typo


--------------------
Ahuwale ka nane huna.

Edited by gettinjiggywithit (09/25/08 07:56 PM)

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Re: Not another Wall Street bailout thread. [Re: gettinjiggywithit]
    #8985715 -

Quote:
That's okay, we can always go to the Treasury and have them print up more money.

Weeeeeeeeeeeee



:yesnod: That's exactly my point.  This is hardly a solution even with provisions, it's just a further catalyst to the issue that got us here, printing money and funneling it to greedy irresponsible hands.


--------------------
When it rains, it spores :shroompick:

"Consciousness is the Universe recognizing itself." Once we perceive that everything is conscious we can then ask, "How does consciousness take all these varied forms?" - The Primacy of Consciousness by Peter Russell

All works of poster are of absolute fiction to be used for no other purpose but amusement.

Extras: Filter Print Post Top
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