Anyhoo…shall we?
If someone had sent this bitch a prediction detailing the events of the past month I would have told them they had lost the damn mind, but truth truly is stranger than fiction and the world is rapidly going to shit.
Yesterday Congress went from rejecting Paulson’s bailout plan to agreeing on principles detailed in a revised plan…to being summoned to a ‘let’s wrap this shit up with a photo op’ meeting with Bush and his minions only to have insurgent House Republicans toss out their own sorta-plan mid wrap-up meeting…shudder…which resulted in a lot of shouting, a bunch of post-meeting spin sessions and absolutely no fucking plan to address the nation’s economic clusterfuck.
From what a bitch has been able to gather up, the House insurgents want Wall Street to pay for their own bail out...
…and a bitch can only wonder who the fuck doesn’t.
Hell, this bitch is still waiting for Iraq’s oil revenue stimulus refund check to show the fuck up.
Blink.
It’s safe to say that everyone would like Wall Street to handle their bitness their own damn self…the question is whether that’s a realistic possibility.
***cue crickets***
Right.
When I heard about this revolt this hard working American immediately had some questions.
Can we have some fucking details please?
For example, who among the Wall Street herd has agreed…and by “agreed” a bitch means signed the fuck up and given access to their money filled coffers…to pay for the private bail out?
How much power, if any, does Congress have to force Wall Street to pay for the bailout of all these fucked up from the floor up institutions?
When would the first checks show up…how would the frequency of payments be decided…would Wall Street pay in advance and Congress withdraw the money or would Wall Street control the bailout…would Congress draft the plan and use Wall Street’s money or would Wall Street take this shit completely over?
Oh, and if the reason for demanding that Wall Street fix this shit is that Wall Street created this shit…and this bitch loves how that conveniently ignores the role deregulation played in this drama…then isn’t that also a reason to not put the nation’s economic future in Wall Street’s hands?
Everybody look what's going down.
7 comments:
isn’t that also a reason to not put the nation’s economic future in Wall Street’s hands?
That is the heart of it, isn't it? Obviously they have managed to screw shit up.
When a company needs a bailout, it's the equivalent circumstances of a person filing for bankruptcy. What congress should do is to make the bankruptcy laws that apply to individuals apply to companies. That is, if you can't pay your bills cause of some emergency, whatever, you declare bankruptcy, but instead of you being able to get out from under all of you debt, you still have to pay it back -- because the credit card companies wrote the bankruptcy bill.
So, congress makes those laws that apply to you and me apply to Wall Street, and they pay for their own bailout... essentially. It makes even more sense because those companies HAVE THE MONEY to pay their own bills -- at least if they can continue to pay stock dividends, and give their CEOs 40 billion dollar golden parachutes, they can pay their own damn bills.
Unlike you or I were we in this situation. But there's no bailout for the individual because of the "ownership society". I'm not sure why, if corporations are supposed to be people, they don't have to be responsible for their own mistakes.
ABB- I've been following this very closely...I watched yesterday as the stock market rose when they first announced an agreement (around 12pm CST); PEOPLE STARTED SELLING THEIR STOCKS as the market rose...resulting in a close of +196 on the DJIA. DJIA Futures were down 160 this morning after yesterday's decision to NOT FUND the bailout.
I've since been writing House Republicans CONGRATULATING them on the size of their balls...really...they SAID NO! They said no to the 700B bailout for Banks and NO to the 300Billion bailout for the FDIC (haha...yes, the FDIC doesn't have the cash to back accounts). CONGRATULATE THEM.
Unfortunately, without the bailout, the economy will crash and we will be in a global depression...but at least, with that depression, WE HAVE THE OPPORTUNITY to re-grow...with a 700B bailout, we condemn our country to a life of tax-slavery (without representation) and subsequently push our currency closer to NOTHING against other majors (i.e. the euro, pound, etc...)...that's right...when you CREATE 1 trillion dollars out of air, it lowers the value of your currency...FUCK THAT...
We need to stop this bailout! I for one, have now decided to officially resist taxation...
I will NO LONGER fund war, I will no longer fund rich bankers, I will no longer support a government that REFUSES to represent me...a gay man who can't get married, a man who doesn't own a house...
I will not be paying taxes...
Oh, damn, I pissed...
Iraq sold the oil deal to China as they told us to leave. We lost the war.
While it sounds all warm and fuzzy and "free market" like to suggest Wall Street pay for its own bailout - this is just not going to happen. The house Republicans know this.
If Wall Street could pay for the bailout, then they would have already done so.
What I think the house Republicans are trying to do is save the deregulation is better theory. Save a major portion of Reaganomics - which is in danger of collapse.
So watch for this. A plan that in effect is a public bailout - but that is called something else. Like "A free market solution" or whatever.
Anything except what it is - a bailout.
This way, when the dust settles, they can keep saying "we told you regulations do not work!" and then we can have an even bigger problem - and a bigger bailout - later down the road.
Anyhow this is just my theory. And my theory could end up being worth no more than the contents of the cat box for all I know.
Oof. Just checked the newswires. I'm going to grab my emergency chocolate and hide under my desk for a few minutes....
I've been following this bailout very closely. It's a bunch of crap. More politics of fear that the Bush administration is so good at.
There's a very informative article at Alternet.org that talks about this "fiscally insane bill",including alternatives.
And yes, as a gay person (living in Oklahomo, of all places), I agree with the Infuriated Faggot. I don't want to pay taxes, either.
Let's organize a tax revolt if this bill goes through.
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