The Sun Will Come Up, Tomorrow
The musical, Annie (which was set in a post-depression world), postulated that the sun would indeed rise in the East when morning came. And so it will. It doesn’t matter than the world is on an economic collision course with reality, and Hank Paulson wants to commit $700 billion of your dollars to a failed venture. The sun will come up. Whether you want it to, or not.
I feel like such a dope. I’ve been following the bailout since Thursday night, and I still don’t have any frackin’ idea of what’s going on.
I can’t believe that anyone in congress does, either.
The only thing I know for sure is that it all scares the crapola out of me.
But I do know: rushing willy nilly into whatever solution BushCo’s been ginning up for the past year is a bad idea (and if you truly think the Wall Street financial mess just popped up in the last week, I have a bridge to nowhere to sell you). With Goldman Sachs and Morgan Stanley going full tilt boogie (in tandem) into regular banking tonight, no one has any idea what the implications are.
It’s like they’re throwing so much shit against the wall right now (to see what sticks), that we can’t see what’s really going on because of the shitstorm.
Scary, scary times.
I’m almost afraid to wake up tomorrow.
“…Hank Paulson wants to commit $700 billion of your dollars to a failed venture.”
Richard, that 700 Billion is just for starters. That 700 Billion is just a line of credit.
Check out HousingPanic.blogspot.com:
1) The key line in the proposed bill is this one:
“The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to 700,000,000,000 dollars outstanding at any one time.”
What this does is give Hank Paulson, acting as an emperor with unchecked control over the nation’s treasury, a $700 billion line of credit in which he can buy up toxic debt for whatever price he’d like to pay, $700 billion at a time.
In other words - he could buy trillions. Trillions and trillions and trillions. Buying and selling, buying and selling.
He can sell the junk he buys from his banker friends for whatever price he wants, saddling the taxpayers with the loss. He keeps this process going, using his $700 billion credit card. Buy for 60 cents on the dollar, sell for 30 cents on the dollar. Buy for 80 cents on the dollar, sell for 5 cents on the dollar. He’s in charge.
$700 billion folks IS JUST THE LINE OF CREDIT. He can purchase trillions and trillions of bad debt with this credit card, as long as only $700 billion is OUTSTANDING at any one time.
Caught this over at Cryptogon.com where Kevin also has a related article from the Army Times entitled “U.S. Army 3rd Infantry Division’s 1st Brigade Combat Team Assigned to NORTHCOM Beginning October 1st”. Maybe the serfs and peasants will have another choice this winter”
Freezing to death
Starving to death
Dying in a hail of gunfire.
Record deficits will double. This puts the lid on the notion that the Bush Presidency is the worst in our history. That needs to be trumpeted far and wide, that the Republicans, under Bush and now supporting McBush, have ruined our economy and seek to sink it even further.
I wonder if we should send Bush a crate of fiddles.
obama has a choice now to step up like he wouldn’t with fisa. will he?
even fucking bill kristol doesn’t like this giveaway to big banking. we will see just how powerless we are when this deal, with perhaps a couple bones thrown to the little guy, goes through when probably 99.9% of americans oppose it. paulson is the new true face of evil in the administration now. and btw, where is cheney?
add this to pakistan firing on u.s. helicopters today, and what petey linked to above. anyone else smelling no election and martial law?
you’re confused? richard, the bailout plan’s only three pages long (whether it’s written in green or blue crayon is anyone’s guess).
It’s very easy to understand. Step 1: scare congress into doing what you want them to. Step 2: take money. Step 3: RUN. Preferably to Dubai or another country that doesn’t extradite.
For up to the minute news and analysis, I recommend following these sites:
http://calculatedrisk.blogspot.com/
http://www.creditwritedowns.com/
http://www.nakedcapitalism.com/
http://blogs.cfr.org/setser/
http://www.econbrowser.com/
http://economistsview.typepad.com/economistsview/
http://delong.typepad.com/sdj/
tep 3: RUN. Preferably to Dubai or another country that doesn’t extradite.
Comment by brendancalling — September 22, 2008 @ 11:09 am
What I don’t get is all the Conservative asshats sitting around bitching about how the left-tards want to start a revolution over this. Just got done reading several pages of Conservative wackatoons bragging about how if we start a revolution THEY have all the guns.
Dudes.. .this is YOUR country that’s being violated, YOUR money that’s being stolen - by YOUR elected officials. I would think with all your supposed patriotism you’d at least give a shit that she’s being raped. But you’d rather sit around and let the whole place burn to the ground rather than standing with us to fix the things your team broke.
I really fail to understand these people. I also fail to understand the rationale of not wanting to remove the idiot in chief. “He’s only got a couple more months left he can only fuck things up so much.” is what i Keep hearing.
Our nation is doomed, ladies and gentlemen. The righties are content to watch it all burn to the ground and kill us if we try to stop it. That should tell you where we stand. They used to call this policy: “Scorched Earth”.