Who amongst us even understands the bailout? I mean the actual A+B=C part. How money will be distributed, to whom, what it means short term, long term, how it translates to me, the individual consumer, mortgage holder and taxpayer? Show of hands. Is there a cricket in here?
I want to understand. In my gut, I’m outraged that it has come to this conclusion. So it would be nice to be able to articulate the reasons for my outrage. I guess I could just use the lingo W and congressional leaders have offered and keep saying the same key phrases over and over. Key phrases like “predatory lending”; “golden parachutes”; “the end result of de-regulation”; “collapse of the markets”; “dire consequences”; etc. But I don’t think I’d be any more convincing of my understanding then they are.
So it has to be done, fine. No point discussing it I guess. Little ol’ Amy in Ohio sure isn’t gonna make a difference in this discussion and since I’m vastly under-qualified on financial topics such as this, I guess that makes sense.
But this wouldn’t be a post worth posting if I left it at that, so please indulge me while I make just a few observations:
1) WHY is this suddenly a crisis? There have been a massive amount of foreclosures over the last thirty-six months (that’s THREE YEARS, not THREE WEEKS). Why is it only when the millionaires are affected does it become a “historic crisis”. I’m sure the families that lost there homes pre-crisis would disagree.
2) For two years now, I’ve endured the talking heads from the right labeling my candidate a socialist, and me a socialist for supporting him. Why is it that it’s socialism when you want to take tax dollars to ensure children have access to health care, but it’s NOT socialism when you’re handing faulty corporations BILLIONS of taxpayer’s dollars because they didn’t do their jobs very well. In my company, when you perform below expected standards, guess what happens? You get to clean out your desk, you don’t get a 700 billion dollar bonus.
3) Why in the world is W and his camp of cronies sticking to the idea that the de-regulation put in place by people like Phil Gramm (who still has the ear of McCain on such things as the ECONOMY) isn’t a major part of this problem? And if the shotty regs that remain on the books had been enforced, this historic crisis might be a little less historic, a little less of a crisis.
Don’t get me wrong, people borrowed beyond their means, no doubt. But a company lent the money to them and in doing so likely did not adhere to the federal regulations put in place to protect both the corporation and the consumer from these doomsday scenarios. So the lack of enforcement is part of this perfect storm tri-fecta Georgie, start warming to the idea. Fiscal conservative indeed. What a joke.
If the reports are to be believed, this bailout is going to go forward, for better or for worse it appears there is no way out. The right and left come together and give away the farm. Our farm. Our children’s farm.
I just hope that the lessons this historic crisis offers us aren’t lost in all the check-writing. Speaking of check-writing, take a look at what your money could have bought and then make sure you vote in November.
CHANGE WE NEEDED FOUR YEARS AGO