Tag Archives: bailout

Republicans or Democrats…Who is to Blame?

I decided to actually watch CNN tonight to hear what all the pundits had to say about the bailout failing to pass.  Let’s just say my head hurts now.  Before I even get into the Dems and Repubs, it’s amazing to me that we only hear one side of this argument.  Everything on the news is how the bailout just has to be passed and it was a major mistake not to pass it.  What about the other side?  

I even heard these morons say that yes the bailout is horrible but we just have to pass it.  We do?  Can’t we pass something else?  Don’t we have the power to rewrite bills or make new bills that may work better?  I seem to remember reading that in Government Class.  CNN completely ignored the other side of the argument in all their newscasts tonight.   It’s like I’m listening to the state run news network just repeating the talking points handed to them by the administration…strange feeling.  This is the United States of America, right?

Ok, now on to Congress…Now let me see, I’ll start with the Repubs blaming Pelosi’s speech (her Speech!) for the bill not passing. Seriously? 

  • Did your feelings get hurt?  How old are you idiots? 
  • Just once, just once, I would love to hear the Republicans take responsibility for their actions.  Guys you failed to get the votes to pass this bill.  End of story. 
  • They BLAMED THE SPEECH!  They continue to just amaze me.

Ok now I’m going to rip the Dems…so any Democrats out there who can’t take it then you better look away.

  • Pelosi why do you still have a job?  Every day that you wake up do you look in the mirror and just ask yourself if you can screw up as bad as you did the day before?
  • Did the Dems blame the Repubs for not getting enough votes?  They said that they got their fair share and the Republicans didn’t get theirs.  Are your legs broken?  Get off your asses and go get more votes if you believe in this thing so much.  WTF?  That’s the weakest argument I’ve ever heard…oh wait.  They blamed THE SPEECH!

So CNN went on to say that the house Republicans who voted against the bill were putting their re-elections ahead of the country.  But, then they went on to say that 90% of the calls into those same Repubs offices have been against the bailout.  Don’t they work for those people?  Aren’t they supposed to represent them?  I’m so sick of this crap about putting the country ahead of everything else…this is not the Soviet Union!  You are free to have differing views here in this country.  In fact, it’s healthy and natural. 

The majority of American people do not support this bill and the congress who represents them voted it down. So what’s the problem?  If it’s so important then explain it to the people of this country and stop trying to scare them into supporting it.  I mean, I know that’s Bush’s only motivational tactic but someone in congress should be able to do something.  How about those two idiots running for President?  Maybe they could explain it to the American people.  I’m pretty sure that’s how this whole thing called government was supposed to work.

And does anyone, anyone have a problem with the Democrats in Congress lining up behind President Bush on this? 

I know this post is long but I got one more thing to say.  Where is Dick Cheney?  Where do you think his money is?  Dubai?

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Getting up to Speed on the Economy

I’ve had quite a few people ask me about the economy lately…what I think of the bailouts and whose fault all this is.  And most of the time I just don’t know where to start.  It’s not simple to explain.

First of all, anyone who says they can provide a quick summary of the problem is wrong…there is not a quick summary of this.  It’s not just about the risky mortgages given out over the past 10 years, it’s not just about the consumer debt, and it’s not just a Republican or Democrat issue. 

It is affecting the entire world…global crisis if you will.  So that should tell you right away that this isn’t simple.  Let’s take a look at some of the issues going on right now:

  • That 700 Billion Dollar Number means absolutely nothing.  They just made it up.   “It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”
  • The original bailout bill was only 3 pages!  3 Pages for 700 billion dollars?  Anyone who knows anything about bills realizes that this is unheard of.  They just wanted a blank check with no oversight and didn’t even try to disguise it.  Those that think it is a bad thing that the bill is a lot longer now need to go back and read that “700 Billion” one more time.
  • Paulson is leaving office in 4 months – meaning he can be heavily infuenced by outside forces in his decision making
  • The bailout will not help the average person at all.  That’s why they don’t care that the majority of Americans are against it.
  • It’s only putting off the inevitable…the market has to correct itself at some point.  Housing Prices were artificially high and interest rates artificially low. 
  • Why are these other spending bills going through right now?  Nasa buying Russian Spacecraft, Missile Defense Systems, Huge Defense Spending Bill – 634 billion
  • If you want to try and protect yourself.  change your money into something other than US dollars.

There is one interesting question that really makes you think.  Who is putting the pressure on the US Gov’t to do this Bailout Deal ASAP?  I don’t have the answer…and it makes my head hurt to speculate on it. 

And for all of you that say that the bailout is needed and everyone who is in the know agrees…read this.

And if you want to learn a little more about this crisis then take a look at the derivatives bubble and the credit default swaps.  It’s not so much that the banks gave out bad mortgages as it is what they did with those mortgages once they had them.    And I think Obama and McCain have zero idea what to do.  McCain proved in the Republican primaries that he is clueless on the economy. 

But notice again how fear is playing a role in all of this and the Democrats are the first to fold…leaving so called “Rebel Republicans to fight”.   Rebel Republicans – who see Paulson’s proposals as socialism by the back door – were warned they will be responsible for causing an “amazing catastrophe” if they continue to oppose the plans, which would see taxpayers buy up the bad debts of failing banks

What’s it called when the National Government Owns and Controls the Market?